Observations after beating Twilight Princess...
Okay, I joined the club, just finished the game (had some extra time due to the crazy midwestern snowstorm.
And, though this should be obvious, SPOILERS GALORE, divert your eyes from this point on!
-begin spoilers!-
Thought the game was friggin' spectacular. We can engage in any amount of mental wanking and come up with lots of little things "wrong" with the game, but for me, this one easily lodges itself in the best few games I've played in the past five years.
Can you tell I'm typing this directly after finishing it? 
The one thing I really noticed that I haven't heard too many people comment on is the amazing facial expressions on the characters. this is maybe the best game I've played in terms of the characters actually making faces that look realistic and emotional. I much prefer the sylized look of these face models versus the odd, "rubber face" look that characters from Oblivion have.
Now, I will admit to you guys, I was not playing too many video games when Ocarina of Time came out (I didn't even own an N64 at the time). So my Zelda experience goes Zelda I, II, LTTP, the gameboy ones, Windwaker, and Twilight. So I don't doubt that my amazement here is partly because I wasn't "spoiled" by Ocarina, which I do look forward to playing when it comes out on the Virtual Console.
At any rate, to echo Paul's comments on the female characters, yeah, Zelda looks good, but, uh, yeah, Midna at the end of the game easily trumps her in hotness. Talk about a surprising plot twist (and those of you who are reading despite the spoiler alert, and haven't gotten near the end, must think I'm really weird now). Let me put it this way: Zelda appears on the cover of Glamour, while Midna is a Maxim gal.
As far as story, I enjoyed the minor romantic subplot between Link and Illia. It seemed clear to me that Zelda is simply a princess, not really the sort of woman that is going to marry a farm boy (even if he is a hero), so I appreciated that touch. The scene where Link restores her memory is both very cute (the little kids sneaking a peak) and touching at the same time.
And I also agree that Midna is a fantastic character, especially in the end when you realize what she really is. Then, many of her previous actions make sense. You sorta know she has her own agenda, yet you aren't surprised that you kind of "guilt trip" her into doing the right thing.
I absolutely loved how they had Link react when Midna reappeared as a gorgeous woman after the final battle. The reaction makes total sense: here is this character that is almost like a pet, sitting on your shoulder, riding on your back, etc. and now you find out she's a bombshell. I think I would react the same way Link did.
I might add, despite the constant moaning about voice acting (and, yes, it would be nice I guess), it is important to note that an interesting character like Midna would get royally screwed by a crappy voice actress. As much as I dig the character of Cortana in Halo, for example, let's face it: that chick delivers her lines in an incredibly wooden fashion, and it really colors your perception of the character. Point is, it is soooo easy to screw up voices, and so I'm not sure it would be this radical improvement if Nintendo decided to fully voice Zelda. But then again, if done right, it would be, obviously, awesome.
Like any all-time classic game, there are just too many small touches to list here, but a few:
-The little band of adventurers that helps you out, including your uncle(?). I like how they show up near the end to lend you a hand.
-The Gorons are really cool. Thoroughly enjoyed that segment of the game.
-The love story between the two Yeti's. Surprisingly touching. Really gives a lift to the middle of the game.
-Loved the character of Talma (or is it Telma?). Everyone knows a woman like that.
-That little bit near the beginning of the game where the young kid says he wants to be like you. Neat little bit.
Okay, I'm done. Tremendous game, great job by Nintendo. I really hope that, someday, they decide to make some kind of Zelda movie. If done right, it would be amazing. Of course, if done poorly, it would be, well, like the CD-i games, but on a big screen. Ugh.
End of spoilers!
-Rob