I just beat PH last this last Tuesday. I have to say that despite certain big changes from most Zelda games (what do you mean there are no pieces of heart?!) It was a very complete experience. If you're a Zelda fan, you probably already have it, but if you don't have it yet, it might be a great way to get into Zelda games.
As far as the difficulty goes, the combat is extremely simple, like, tap your enemy with the stylus and they die simple. The puzzles, oh the puzzles, are equal to that of the "big" Zelda games. There are islands, entire islands, that are one gigantic puzzle unto themselves, and that's BEFORE you get into the dungeons. The dungeons are very short compared to the massive spectacles that are twilight and ocarina, but for obvious reasons. Every dungeon has multiple points that allow you to go straight back to the dungeon entrance, thus making this game much more portable friendly. Overall, there are some frustrating moments, (stupid phantoms) but well worth your money. Anyone else playing/played it?