I like it. One of the things I have always loved about The Wind Waker is the ability to control other characters, and it's something that I wish they explored more in future games.
That being said, of course, I wouldn't want them to overuse it. TWW does it almost perfectly in the Earth Temple, the main thing I would fix is how tedious it is to switch back-and-forth between characters, so I would want that to be fixed. Majora's Mask experimented with it a bit with Kafei, but you only play as him for a total of about 40 seconds, so I'd like to see where they can take that kind of thing.
One thing I would like to see is the ability to possess enemies. This could open a world of new gameplay opportunities, as long as it was used in a way that it wouldn't get stale and boring quickly like a lot of gimmicks in Zelda tend to. I suppose you could say the ability to control Phantoms in Spirit Tracks is a start to this idea, I would just like to see them use it more.