If you liked Ocarina of Time, you'll like Wind Waker as well.
The graphics are great. At first I was turned off from the cartoon look (or "cell shading"), but after you get used it you'll find that it's perfect for this game. It really brings everything to life.
I wouldn't recommend buying it for $49 because it is VERY short. I think this is the only disappointing aspect of the game. The main focus of the game seems to be sailing between islands finding things as opposed to exploring temples, which there are only a few of.
It reminds me of Metal Gear Solid 2. It was a very excellent game with amazing graphics, smooth gameplay, and a vice grip on your attention from beginning to end, but it just really doesn't last all that long.
Sailing to and from the islands can get very tedious, but thankfully you get warping ability in the beginning stages of the game.
The puzzles aren't too incredibly hard. As usual, when you get stuck it's almost always something dumb that was overlooked or some item in your inventory that can be used more than one way.
It really is a great game and if you're a fan of the Zelda series, by all means get it, but try not to pay the full $49.