Not being able to use your sword while riding Epona in OoT/MM always annoyed me. I'm certainly glad they changed that in TP.
In TP, I was really annoyed that I didn't get a better reward for catching that darn Hylian Loach than Link's picture on the wall.
In ALttP, there should have been more variance between the Cane of Byrna and the Magic Cape, and neither of them should have been so useless.
Also, the islands needed to be much bigger. Windfall was the only island I thought did an okay job, but I would've liked about three more "Windfall" islands that were about twice as large at the least.
For TP, the items could've been used better. The Horse Whistle would have been very handy had you got it earlier on, and the Dominion Rod and Ball and Chain were awesome items that didn't get used much. I do have high hopes for Zelda Wii fixing this though.
I'd definitely agree with both of those statements. WW's (and PH's) islands were way too small. I really enjoyed discovering new ones, but it didn't last long when there was only one puzzle or boring mini-game there. Or, even worse, just a Triforce Chart (which was something that really bothered me about the Ghost Ship in WW; it seemed like there could have been so much more to it).
And yes, I think we all agree that the Spinner/Dominion Rod/Ball and Chain items had a lot more potential that wasn't fully exploited.
What was wrong with the iron boots?
Yeah, you didn't sink unless you put them on, even though you were carrying them around.... so what?
He has a magical packpack anyway. Nobody ever made a big problem of Link carrying all the stuff he does....
In LoZ he has a bloody raft as well as a ladder and other things in his pockets!
There's nothing wrong with him somehow carrying the boots around and not sinking; the problem is having to go to the collection screen every single time you wanted to switch boots (which you had to do a lot in the Water Temple).