I thought TP was rather weak on items, actually. They make the Boomerang essentially useless for that purpose and have it work more like a Deku Leaf or Pocket Whirlwind. They include a Slingshot that you really don't need, but that takes up an item slot for the whole game. They include a lamp that takes up oil, makes torch puzzles too easy, and forces you to worry about dark rooms and oil (which is a rather arbitrary dynamic that doesn't take any skill to deal with). I thought the lamp was silly in ALttP (I preferred the Fire Rod), and I hate it even more now. The Double Clawshot is good, but you get it so late in the game that you don't have to use it often, and it's always obvious where it is meant to be used. Also, it's not terribly different from the normal Clawshot... it just effectively lets you use it again while suspended.
On the other hand, we do have some interesting items like the Ball & Chain, and the Spinner. Both of those items actually did impress me. I've wanted a Ball & Chain ever since ALttP, and the place where I get it actually reminds me of where you see your first Ball & Chain Trooper in ALttP (though it might be a coincidence). The Spinner is just incredibly creative. You can jump between tracks to avoid things, jump off at just the right time and spin free, and even hit enemies with it. I just wish I'd gotten it earlier, and gotten to use it more.
I suppose part of me is disappointed in the lack of magical items. I heard someone say that they're trying to make Link "more mechanical and less magical," and I really don't care for that at all. One of the reasons I respected Link was because I thought of him as more than just your typical warrior-type, because he was also attuned to magic and spirits. Then again, he IS just a ranch hand in TP... I don't suppose we could expect him to have the same level of wisdom previous Links have had. That's probably why Midna has to explain so many obvious things to him.