I don't know about you guys, the out-of-dungeon main quest activities can feel like chores at times, to me, the dungeons are rarely boring, that's whenI feel like I'm actually progressing in the game.
It's all personal preference. Sometimes I do really enjoy dungeon segments (Ancient Cistern, Jabu-Jabu's Belly (OoA)), but a lot of the time it feels like a chore (Fire Temple (OoT), Jabu-Jabu's Belly (OoT), Sky Keep, Blind's Hideout, to name a few).
In fact, the reason it took me so long to get through Darksiders II is because it's, like, almost all dungeon. The design was stellar, but I prefer to explore the land. You know, no agenda, just relax and admire the world. Maybe find some secrets or go on some quests.
But the "out-of-dungeon main quest activities" can definitely feel like chores too, e.g. pretty much all of them in Twilight Princess. A lot of the ones in Skyward Sword too. The Oracle games though? Those had awesome overworld segments, save maybe for Rolling Ridge in OoA.
To satisfy me content-wise, the new Zelda would have the exploration quality of ALttP, the dungeons be a hybrid (in terms of both quantity and quality) of Skyward Sword and Majora's Mask, the side quest quality of Majora's Mask, and the dungeon-overworld balance of the Oracle games.
To just have a crap-load of dungeons be the 'content' of the game I think would feel shallow and reek of unfulfilled potential. But those are just my ideals. Anyone else's are just as valid.