I think we will see a mix of both worlds. You can have a large world that is expanding in smaller portions through signature Zelda items. And you can have a real engaging story like in the original Xenoblade Chronicles at the same time. Open world does not mean that everything is open from the very beginning, almost no open world game does that, Romancing Saga 1-3 is the only other example that comes to my mind.
BOTW is a great game on in its own, you can get lost in this world for hundreds of hours. But the core gameplay and content density is rather weak, because most of the time you wander through empty worlds and every gaming session feels like the same (exploration, mini dungeons, upgrading, exploration).
And there seem to be no AAA moments like in Ocarina of Time at all in BOTW, OOT had a much better overall feeling with much more meaningful progression and is a better game.







