I love the magic meter and I wish it would return. Right now though, it isn't necessary. In order for it to return, it'd need to be put to good use, which would mean reintroducing magic to Zelda through spells and items. Which, IMO, Zelda feels better with magic stuff anyway, so bring that stuff back.
The abundance of magic refills isn't the fault of the magic meter, it's the fault of lazy calculations. If they put more effort into the variables that effect drop rates and usage, it could be quite enjoyable.
Now, I do like stamina, but I did NOT like the stamina meter because it felt like more if a handicap than anything. I'm a fat slob that dies after climbing one flight of stairs, but I feel like I could out-perform Skyward Sword Link any day.
I think stamina SHOULD be included, but it doesn't require a meter. Plenty of games put some level of stamina in their gameplay without a meter just fine. Have Link start slowing down and panting after a while, but don't show a meter. Have his arms become weak if he swings his sword too much or if he's using heavier weaponry.
The player will become used to the items affects and their character's stamina subconsciously, and it feels more like second nature that way. Displaying a stamina meter- especially a wimpy one- just makes us focus on our avatar's weaknesses and distracts from the fun parts of gameplay.