It's so glorious, give it the time it deserves

This.  And avoid all spoilers!

You're playing the greatest damn game of all time here.

I always like to hear peoples reactions when they first play a good game, let us know what you think as you go!

I just started playing this (again) too, albeit i'm playing Master Quest (which is nearly the same as the original except for dungeons being mixed around and sufficiently harder)

Going into the game, I realised I forgot to set the Wii to fullscreen mode, so it just stretched the game horizontally.. what surprised me though was, the graphics still look clean even in its stretched form.. I don't know what it is about the artstyle they chose, but it really hasn't lost anything in the past 10 years

In answer to your second OP question: It looks as good as it looked 10 years ago

In answer to your first OP question: Play it yourself.. you'll thank us all for saying that once you do play it yourself

In answer to your third question: Remember that almost everything can be done later in the game, so don't worry about completing every feasible thing the first time you go through them (and some things actually require you to come back later in order to achieve them)

OOT is a masterpiece. the grphx wur top notch (given the technology). one tip, never overlook anything in a room. enjoy the epicness.

Do what people suggested and just enjoy the game. You are going to have an awesome time once you get used to the graphics. This is the best game ever created and there are so many games that copied from Ocarina of Time, especially the lock-on system is something that is completely common in a lot of games today.

Oh and at the time of its release this was the game with the best graphics on Nintendo 64.