This game unfairly gets a bad rap because its nothing compared to Ocarina of Time. Granted, it does have many annoying parts, but its mostly the same Zelda greatness we know and love.
Anyone who's played Ocarina of Time will be instantly familiar with Majora's Mask, as the control scheme and many of the weapons carry over. The same formula is followed (collect the items scattered around the kingdom), but with a major twist: you only have three days to complete the quest, or the world will end. At the end of the three days, you have to play the song of time, and return to the beginning. When you return to the beginning you retain any major item that you got during a previous three-day adventure. Getting timed and having to do things over is annoying, and there's a particularly frustrating bit in the beginning that I'd be very surprised if you can beat without a walkthrough.
On the plus side, there's a new Mask system. Dozens of Masks are scattered around the kingdom, each one providing a different benefit, from increased speed to metamorphosis. Collecting them (some aren't required) is a lot of fun. The controls and weapons are still great, the boss battles are still lots of fun, and transformation adds a great element.
No, its not a good as Ocarina or Link to the Past, and yes, it can occasionally be annoying. Even so, I find it hard to imagine any rational Zelda fan playing this game and not having a great time.