Definitely looks like it will be. One of the boss battle videos showed some really creative fighting tactics and the boss did some fairly heavy damage (at least when comparing it to the bosses in TP, heh), so hopefully there will be a lovely element of challenge in Skyward Sword that wasn't exactly present in the last few games.
Conceptually, the whole origin of the Master Sword seems really cool. I can't wait to see how it plays out. :] Whether or not it will be better than TP, we'll just have to wait and see once it's released.