The time limit isn't too bothersome to me, but how the save system was implemented with it irks me a bit. But since you get the Song of Soaring somewhat shortly into the game, I won't gripe too much about it. It was an interesting gameplay aspect, and it surely added to the experience. Although, whether or not I'd like to see it again, I'm not sure.
That being said, I much prefer having all the time in the world. Exploration is a prodigious element of the Zelda franchise, and having unlimited time to explore is very important to complement that. But with the finite exploration that has been provided to us in the most recent Zelda games, it doesn't seem like it is something Nintendo is focusing on, so perhaps a time limit wouldn't maim the exploration that is essential profoundly, if at all.
I suppose I wouldn't necessarily mind having a time limit in a subsequent Zelda release, so long as it doesn't hinder the exploration and the save system is touched up on. Like I said before, it was a cool gameplay element, and it did add to the story and character development very well, so it could be a nice addition to a future game if executed adequately.