No, there's no point in exploring a boring world.

I don't expect zelda u to have the best visuals when it comes out, but I do expect it to shine in gameplay/content. If you remove that, then I won't be satisfied

As long it's fun to travel around on horseback looking at all the beautiful graphics and has side quests all over the place, I'd be fine.

Well it depends on the atmosphere that the developers are going for. I think that the empty world in SotC worked wonderfully, but only because the mood of the game was set correctly and I don't think any Zelda games have attempted to match that feeling of loneliness and tranquility. Not sure that people would want that in a Zelda game.

Wans't wind waker just that?, endless sailing with nothing to do in between.

Sailing is more fun than walking tho.

Comparing the emptiness of SotC to the 'emptiness' of Xenoblade...

Pretty much. XCX definitely does not have an empty open world...irrespective of that fact neither will the new Zelda game and it certainly won't be on the same scope either. 

If it did though, then I'd be annoyed but if done correctly it could be forgiven.

Except Xenoblade is not empty, at all. In any way

LOL XCX does not have an empty world.

It really depends.. despite The Great Sea being really vast and empty in The Wind Waker, I still enjoyed it a lot..