I personally do no like how OoT would look with TP graphics. From looking at what Alar posted, it obvious that the colors are toned down and the surroundings are duller with TP graphics. Though it does make the game look a litter sharper, it just doesn't work for OoT. The realistic type graphics doesn't look like that was being aimed for when the game was created, so I don't see the point in adjusting them and incorporating the TP graphics. TP's colors weren't very bright and the land and surrounding areas were definitely bland and did not have much to them. OoT's colors were somewhat brighter and though some areas weren't filled with much, at least it wasn't too dark and depressing. Again, OoT doesn't need realistic graphics. It's a great game whether it looks almost real or not.
Clearly, there isn't much of a difference in whatever everything looks like. I can't see many changes in Link other than him being a little more clear. The only big changes with TP graphics are the colors being toned down, the surroundings being a little sharper, and things becoming a little dull.