Ugh, long threads are always hard to contribute to, because I don't wanna go over every last post in here. Like others I just wanna say my own bit and move on. But since it's me here, this'll probably be a drawn out post again...
Short answer, do I think Ocarina of Time is over rated? Yes.
Short answer, do I think it's a great game? Yes.
Now for the long answer/explanation:
When Ocarina of Time first came out, I'd had it preordered and was eagerly awaiting it's release. I could hardly contain my excitement when I first got it and started playing. It was beautiful, the most was incredible, and the storyline was epic... back then. But let's look at a few things. I bought Ocarina of Time when it first came out on the day it came out, so when did I beat it? 2007. That's right, over 7 years after it came out. Why? Because when I got to the Shadow Temple the first time (did Spirit first), my save got corrupted and I had absolutely NO desire to go back and start over. No matter how fun it was, no matter how good, it just didn't have the pull to keep me going back after I lost my save. Go a couple years later and I tried again. I tried again several times actually, between it's release and 2002, I always ended up stopping midway through and forgetting to go back. It just couldn't hold my attention long enough.
So finally I get my hands on the Collector's Edition and can play it on my GameCube with a far better controller (I still hate the N64 controller). I go through and get everything and beat it. And I see the ending. And I weep, for it was one of the worst endings I've ever seen in a 3-D game. Final Fantasy 7's BS riddled cliff-hanger ending was better th.. actually I can't really say that, so I'll say that Megaman Legends' ending was far superior. Yes, I really enjoyed playing through OoT after about 5 years of not even glancing at it. I loved playing it through to the end, swearing during the god-awful minigames and cussing whenever Gannondorf's protectile passed through my sword swing. I love the soundtrack and still listen to it. But when all is said and done... it let me down.
I looked back at other games from the time, and then at games from today, and I came to one conclusion: This was a great game, but it just didn't age well. Not for me. Maybe if I'd never played Majora's Mask during those following years, maybe if I'd finished Ocarina of Time when I first got it, it might have had a better impact. But I wouldn't bet on it. The game itself feels epic because it is large and it did translate pretty well into 3-D. The music is memorable, as are the main characters... to a degree. The music is fine, that isn't my issue. My beef is with how flat and under developed everyone was.
As a Zelda game, and certain of the time, the character depth and development wasn't really bad. But after seeing Majora's Mask and how deeply everyone was created, their personalities and lives, etc, I just couldn't believe this was in the same league as Ocarina of Time. What I could believe is that it was under rated because it was ridiculously hard at time with unforgiving and unbalanced minigames. But everything else, the storyline, the music, the visuals.. it all blew Ocarina of Time right outta the water. So for me, Ocarina of Time is great gameplay wise, but falls short everywhere else. Even the music in OoT, while great, didn't carry the emotion or feeling that MM had.
So long story short, did I really like playing Ocarina of Time? Yeah, I did.
Do I think it really held up after all these years, compared to other games such as Link to the Past, Majora's Mask, or other games of its time? ...not really.
Also before anyone asks, no, I don't think Majora's Mask is the greatest Zelda game of all time, either. I just think it fixed almost all the problems that Ocarina had.. with the exception of far too many stupid and brutal minigames.