Majora's Mask is my favorite game of all time, so obviously, I'm going to say that I love it. Yes, the save system is frustrating and the game is difficult as a result, but from an artistic and/or storytelling perspective, it's a masterpiece. It has some very deep themes and tells a story that can only be told through the way the game presents it. Removing the main issues of the game (the three-day system, the owl statues, the complexity of the dungeons) would completely defeat the purpose of it. You don't get "second chances" in a particular cycle. It defeats the purpose of a Groundhog Day Loop.
From a gameplay perspective? Maybe not the strongest game. But from an artistic perspective? An amazing game, and I'll defend it to the death.