I really did like the concept of Zant, which in this case was a seemingly very threatening character that turned out to be a complete psychopath that was actually a tool the entire time. It's rather cliche to have a character that initially doesn't seem very threatening, only to have him/her be a much more potent threat later on down the line. Zant does the opposite, first appearing as the main villain and turning out to be a rather pathetic servant. It was a nice twist, I think, especially for a Zelda game, where the villains have been rather predictable throughout most of the series.
The execution isn't the best though, as I feel that Zant's true character lacks proper foreshadowing for it to be a truly unique plot twist. We do get the one scene with Ganondorf that shows that maybe there's more powerful forces at work, but that's about it. Maybe some more scenes with Zant somewhat losing his cool, then only to regain his cool composure immediately would've been more effective. I wouldn't call it a "wasted" opportunity, but it definitely could've been better. Zant's neck snapping at the end was a nice touch though, didn't think they'd actually do something like that.