I recently started playing OOT again, after doing a "Piece of Heart" run of Twilight Princess (this is without a walkthrough, mind, where's the fun otherwise?), and I have to say, I'd forgotten just how awesome it was. Sure, it's low poly, the sound effects are a little low quality by todays standards, and the music is sometimes painfully midi, but I put all that aside and realised that actually, the game itself more than lives up to todays standards. If it were released today, exactly as it is with a graphical update, music remastered and higher quality sound effects, I think it would still hold up to a wide audience, even those who don't know how good a game from the N64 can be (and they do exist).
As for Master Quest, I played it through once. I got to the last dungeon without a walkthrough, but the game glitched in Ganon's Tower, and I couldn't collect one of the Silver Rupees in one of the rooms, which of course meant I couldn't complete the dungeon. Apart from that, I found Master Quest quite enjoyable. It felt very good to play Ocarina of Time again without knowing exactly how to beat each and every puzzle.
