Really now, ALttP, Majora's Mask, and TMC's overworld themes were straight-up arrangements of the Zelda Overworld Theme. All the other's had elements that were derived directly from it, both harmonic or melodic, and all incorporated a variation of the opening fanfare as a main motif.
As for this theme... I can't say I like it more than OoT's overworld theme - that was truly impressive for it's time, unlike this - but yes, I won't miss the traditional overworld theme either. This one has only tenuous connections to the original theme, but that doesn't mean it isn't a good song in it's own right.







