Reposting what I put in another thread:

Given it's a very limited look at the game with at least (it may yet be delayed, I hope not) 11 months of polishing to go, I'm quite optimistic.

I think the reason there were so few enemies/no NPCs was because Nintendo simply wanted to demonstrate the scale of the world, how you would travel through it, and what the gamepad would allow. From the map that gets zoomed out, we only see a tiny proportion of the world. I think even with large draw distances, at any one time, you aren't actually seeing that much of the world. Bar the rolling, grassy plains, this looked like a very different part of the world from what we saw at E3. Aonuma has also said (outside of this reveal) that the gamepad would allow you to see changes in the world that aren't within your immediate field of vision, so even though we did see navigating with the gamepad, I don't think we've seen some of the more important aspects of how that will change the gameplay experience.

I'm really hoping Nintendo pack this out with lots of little (and a few large) secrets, some story/character driven side content like Majora's Mask would be great, too. For all the negativity, we know very little about what looks to be a game with a large scale. Technical issues will be ironed out, graphical quality will improve, and more content will be poured into the game. If necessary, this will be delayed. Personally I expect Monolith Soft will be drafted in (both Kyoto and Tokyo) to help finish this and to improve the game graphically. If they're done with X in the next couple of months, they could have some really good expertise when it comes to world building and fine tuning to help EAD 3 out.

On a speculative level, I really like the lay out of the overworld. I'm assuming the most zoomed out view we got in this was the whole world, with ocean boundaries to the south and east, and mountain boundaries to the north and west. There may be even more than that, though. I quite like the look of the numerous rivers/lakes in the middle of the map, maybe that'll be the more populated region of the game? Maybe we'll be able to travel down the rivers on a raft, or with a Zora scale, or in a canoe? I'd really like some level of sailing to be included, even if it's just sailing around the coastal regions/rivers to reach little parts that might not be accessible from the land. I also noticed an island in the south-east of the game world. Can we swim there? Will we need a boat? Or will we be able to climb to a high point, and use the sail cloth to glide there? Will there be steep cliff faces along the coast, that will pose more of a challenge for Link to negotiate? 

I think there's a lot of potential here for a large scale world that's fun to navigate, and I think what we saw today barely scratches the surface. Aonuma only expanded briefly on two concepts we saw in the initial reveal: travelling from one point to a point you saw further away, and dismounting your horse and taking aim in slow motion. In terms of how the world is populated, what kind of variety there is, how larger enemies will figure into the overworld, there was nothing. And we don't yet have any plot, dungeon or structural knowledge about the game, so in truth, we know very little. This is a teaser, and nothing more.

My guess is there'll be a big blow out this E3, like Twilight Princess 2005. Several demos focusing on a town, the overworld, combat and dungeon-ing I think. Exciting stuff!