War Peaceman
You're a big guy.
I'm of the completely opposite opinion. The rental system and having most items available at the start of the game negates a lot of the tedium of scouring through the world multiple times after you have acquired a new item.
In most Zelda games prior to this, the puzzling involved using that dungeon's particular item to get through it. With the rental system it feels like you have a toolkit with which to figure everything out. While you do lose out on the experience of finding a new item, it balances out for me due to the flexibility it provides. Personally I'd prefer if you got a few multi-functional items early on and later in dungeons you find more specialised items so you get the best of both worlds.