Mmh, I'm actually very excited about this new level (BoE) . It took me by surprise cause I truly wouldn't have thought about it.
I'm not going to predict if it's gunna be banned or not. I don't know, none of us do. It really just depends on the consistency of the hazards and if you can turn them off or not. Ya' never know.
But..I think it's pretty! Just to try and touch on something else (that I'm going to assume wont get my head bitten off T_T People can be so violent about things like this. I don't understand why), just look how nice the level looks all together. I absolutely love how Sakurai decided to add so many true Twilight Princess elements to this stage. I especially love how he's using the portal to warp the bridge piece back in place.
This makes me eager for the other levels. The Melee version of Hyrule Castle honestly didn't feel..Zelda-like to me. It didn't really look like the castle and the only thing that put me in the LoZ element was the music (when it wasn't playing the FE song).
I think Sakurai is really pushing to put us in that visual element this time around, though! The levels he's shown so far have their own unique flare that corresponds to the game they came from.
Oh, and I have a feeling he has another place in store for the OoT Medley. It wouldn't make much since at BoE. Perhaps a new Hyrule Castle? Maybe Kakariko? Hehe, who knows. We'll just have to see.
In conclusion, "fair" or not, I think I'll like this level just because of visual quality and..well, it seems like a great place just to play around on with friends.