I like both Hyrule and Termina pretty much the same as each other as In my opinion each have their good points and bad points. Anyway, onto the explaining of why, I will, instead of doing the whole of Hyrule and then Termina I will do each respective section and there counter parts from the other game:
Hyrule, The Kokiri Forest: I did like the Kokiri Forest but that was I was young, I know have a disliking towards the Kokiri Forest, I don't little village, It has a strange build and the buildings look horrible, If they had left the tree's to grow to their full size and had it so several house's were in one tree, I would have prefered the area but as it is, I don't. It doesn't have a nice feel to it and it doesn't feel like a forest, Not what you would expect from a supposed 'Forest'.
Termina, The Swamp: I loved the feel of the Swamp, It is like a counter part to the Kokiri Forest and Lake Hylia in one, It has the attractions and it is also a forest like area. It has a good feel and I like the look of the area. It is put together well in my opinion and it actually works. I love the fact that the Deku's actually have a civilisation there and a monarchy.
The Swamp area of Termina winning my first vote. Hyrule 0: Termina 1
Hyrule, Death Mountain: I loved Death Mountain, The feeling I got from the Goron City was great and the mountain looked like it should, unlike the forest village in this game, It had a great tribal feeling in the city as well. Even on the actual mountain it felt right, The Mountain firing out chunks of rock was something that I didn't think they would do but they did, It all added to the feel of the area. The inside of the Mountain looked and felt good as well. Also the Fire Temple looked like it had been carved into a mountain.
Termina, Snowhead: Snowhead was a great mountain area, It had the correct weather for a mountain and it had a great feel making you way up to the mountain so you could start your climb on the way to Showhead Temple, The Goron racing area was also an excellent area which looked like it was meant to look and that it should be on a mountain. The area that let Snowhead down was the Goron City there, It had a horrible feel compared to that of Hyrule, I hated being there before clearing the weather and after, I didn't like the build of the area, The only area that felt normal was the little shop (I think it was a shop) that lead down into a cave like area where you got the explosive Keg from.
Death Mountain of Hyrule winning my second vote. Hyrule 1: Termina 1
Hyrule, Zora's Domain: The area leading up to the Zora's Domain is a bit of a let down, I don't like the feel of it because of the random pillars in the middle of the Waterfall and then the path that leads up feels un-natural. The actual domain itself though is great, It works out well and looks great, The fact that there was a lake that lead to a waterfall was a good thing as well. I liked being there but unfortunatly I hated it when it froze over, It felt horrible being there as an adult.
Termina, The Great Bay: The central area of the Great Bay felt good, Especially the area where you had to kill all the eel's in the holes to get a Heart Piece, That felt natural and had a good feel, It is great swimming around as a Zora around this area. The area is let down though by the other half, That being the area where you have to get on the Tortoise/Land Mass thing to get to the Great Bay Temple. This area felt horrible and looked horrible, It was even worse when I got to the area where the Zora band is about to play a gig.
So, with this one they both get my vote. Hyrule 2: Termina 2.
Hyrule, The Gerudo Fortress: The Gerudo Fortress was a great area to be in, It was a cool little civilisation way out from everywhere else, It looks cool as well. It feels very tribe like. The build of the area is good as well, Unlike the Kokiri Forest where the buildings are just scattered everywhere.
Termina, The Gerudo Fortress: I know that is not the real name, I forgot, going back on subject..., This area also was good, but only on the lake area outside of it, The actual Fortress was the worst fortress structure I have ever seen. It looked and felt horrible to be in which contradicts the feelings I get being on the water area. To be frank though, this fell way short of the Hyrule Fortress.
As you can see, Hyrule once again gets my vote. Hyrule 3: Termina 2
The deciding vote now.....
Hyrule, Hyrule Town & Castle: Hyrule Castle had a great feel both under the rule of Zelda's father and Ganondorf himself. It looked good and it looked like it should for each respective reign and had a good design for a castle. The Town though was a little....lacking shall I say, For the most important area of Hyrule you would expect the town to be a lot bigger with more buildings and shops, instead of a few mini-games and a shop or 2. It did look pretty good for a town though.
Termina, Clock Town: Clock Town is great, It feels like a real town and it has the size to be one. This is my favourite main town in any Zelda game, It looks good for a town and it has the facilities to be one. It has many shops that are specialised unlike those of Hyrule Town and many mini-games to take part in. It looks good and I love being there, There is working community that you can clearly see and a few different race's are also living there. This include's Human's (Though their real race I am unsure of), Deku's and some a few Goron's if I remember correctly.
My last vote here goes to Clock Town of Termina. Hyrule 3: Termina 3.
This is now being edited, Thanks to ChargewithSword I now have the decider, Here it is:
Hyrule, Kakariko Graveyard & The Shadow Temple: I am comparing this to Ikana Graveyard and Castle so I need to use the Shadow Temple.
I hated the Graveyard here, Even though it felt more realistic than MM's it still don't like it, It is small and boring. I just don't like being there, At night it is even more annoying fending off the Poe's, They are not exactly hard but there just annoying. The underground area is cool though, Where you get the Song of Time's and where you have to keep up with Dampe. I liked that area, it was cool but not what I expected to find there.
The Shadow Temple though....is a completely different story, I love that place, The design of the place is awesome, The blood on the walls and the enemies in there, They are some of the creepiest in OoT, Some of the most annoying as well....*cough* Wall Master *cough*. The boss here is awesome as well, Hard to beat on your first try.
Termina, Ikana Graveyard & Ikana Castle: My opinion on this one is the exact opposite of its conterpart in OoT, I love the Graveyard here but I hate Ikana Castle.
Ikana Graveyard is great, Even though less realistic than OoT's Graveyard (in the sense of the arrangement of today's Graves arrangements and OoT's one), but it is more realistic by today's standards, Ikana Graveyard is much more what I would think a graveyard would look like around the time period that a Zelda game would be made. I like the Stalchildren that are there, That is where I think you would find something that seems to be undead, Not roaming in a field at night. I also like the underground section of this Graveyard more than that of OoT's, It seems.....cooler to explore and you also find a ghost down there like in OoT.
Moving onto the downside of this area.....Ikana Castle, I hated this place, The feel of it was bad and it looked bad, Especially for a Castle where the undead are roaming in and around. In my opinion this is the worst thought out place in the whole of MM, If it had the visual looks or similar to that of the Shadow Temple it would rank much higher than that in my favourite place's in MM but it doesn't. I don't like the boss/Mini-boss there either, I don't know why, just don't, it was too easy.
Thanks to that last section this is my final score. Hyrule 4: Termina 3
as you can see thanks to that last section Hyrule is the winner for me, This will contradict with what I said earlier in my post but thats because I only got visual rememberance of Ikana Castle through a video. I still like both Hyrule and Termina though.