Playing Ocarina of Time today is not the same as playing it when it first came out, which I did not. The revolution of the lock-on camera would be lost on any who are not aware of it to begin with. And Zelda games in subsequent generations have improved on the combat and the level design significantly.
However, what makes this game number one on so many all time lists is still apparent. The bosses are as amazing as ever. The puzzles can be truly mind bending. Collecting is not only fun, but each item matters. And the music is even better than you'd expect from a game with an instrument in the title.
Ocarina of Time heralded the end of the 3d hurdle games had been in since they first began to use polygons. That alone will keep it in the history books forever. And though the formula was improved upon in Wind Waker, Twilight Princess, and Skyward Sword, Ocarina holds up surprisingly well when compared to more modern games.
On the Wii virtual console or on the 3DS rerelease with bonus content and better graphics, pick it up. You won't regret it.