I've got to agree with what's been said - Wind Waker is still one of the best looking games today.
It really depends what the game aims for. The Twilight Princess look is better for a more "serious" Zelda, while Wind Waker is best for fun & jokes (and child Link).
My only issue with the game is Ganondorf - he looks terrible! His face looks too silly and he can hardly be taken seriously, as opposed to him in Twilight Princess, where he's a complete badass.







