Oh, I just finished MC a few days ago and this game as well as its soundtrack are totally awesome! Looking at the release date (2004/05), I first expected something as tedious as TWW and as easy as PH/ST and that's why I didn't want to play it first... but actually it was a very good game with an amazing soundtrack! It's definitely close to my all-time favourites (LttP/MM).
Some of the songs actually reminded me of classic Final Fantasy (especially the intro, Ezlo's Past and Elemetal Sanctuary) while others were typically Zelda-ish, they really did a nice job remixing older Zelda songs, the LoZ dungeon remix was EPIC! A video game soundtrack influenced by the two best VGM composers to date - Koji Kondo and Nobuo Uematsu - it possibly can't get any better (OK, maybe if the two would actually write a soundtrack together, but unforunately I don't see that happen anytime).
If I have to decide (which is really hard), then my favourite song in the game is the Palace of Winds BGM, I think it's the only Zelda song that consists of two different parts (introduction + "Arabic" theme) and it's really awesome!