I'm with you, it's one of the weakest Zelda games, if not the weakest, but that doesn't mean it's a bad game, it's awesome, just not as good as the other zeldas
The reasons why I'm saying this is that for me it had almost no replay value, as collecting tears of light was bothersome, I've only did two playthroughs, I've replayed WW, MM, ALttP, OoT, etc... countless times, I have even replayed AoL more than TP
The things I didn't like were the difficulty, as it was nonexistant, this includes boss battles. Some items as you said were rarely used outside of dungeons were they were acquired, the spinner being the prime example
Midna... oh Midna... I know many of you love her but not me, I found her annoying, as she is always telling you what to do, and for the most part of the game she uses Link for her own interests (I don't find her hot either)
Music wasn't so memorable as in other Zelda games, it was good, there's no deny to that, but simply not as memorable
Finally the darkness factor... Both a dark side of the world and turning into an animal when entering it was seen in A Link to the Past, and the dark atmosphere wasn't as cleverly used as it was in Majora's Mask (without the need of a world of shadows, story was deeper, more emotive and darker)
Anyway TP had its moments, bosses even if easy were very cool, like stallord or the death miniboss in arbiter's grounds
Bottomline, TP is a great game, but it couldn't stand up to the Zelda games that came before