Yes OMG yes! I would love a crazy, huge overworld with a ton of things to do with a ton of exploration and floating islands, Zora villages in underwater lakes, Mogma/Goron villages underground or in caves, Kokiri villages and stuff.
I think that the way a game goes from great to legendary is the quality of the world Link interacts with. We all know this because we love the dynamic aspect of Majora's Mask. For us to be able to explore a forest in a non-linear fashion would certainly help make the game more interactive. We really just need more side-quests and NPC interaction rather than more dungeons and larger worlds in my opinion.
I really would love this. The idea of moving parts of the map is seriously cool man. Maybe they could have different variations of each area that work into different environments, and you never know which one's you will get?