TP is a solid Zelda game. It's not the best, but it's definitely good.
In terms of story, it's quite good. It tells the classic tale again, but adds the Twilight twist on it. Zant and Midna's roles are interesting. OoT probably wins over TP on this because it told this story best, but TP is a worthy successor.
TP's characters are decent. Midna is interesting. Zant is too. Ilia, while being a bit annoying, was good too. Link himself showed more emotion than usual. He cared about Ilia and Midna, and in general seemed more reactive than other Links, except WW Link, probably. However, I feel that the supporting characters are generally not very memorable. Outside of Link, Ganon, Zelda, Zant, and Midna, who was there? There were the kids, who were just kind of annoying, especially Colin. There was the bar lady and her friends, but they aren't that memorable. I don't remember any of their names. There were others too, but I just feel like they weren't as memorable as the cast in other games, especially WW and MM. MM in particular had tons of people I remember and cared about, due in part to the nature of the game.
As far as combat, TP wins hands down. The hidden moves are all good, and some are awesome. Mortal Draw is bosses is epic win, and it's a load of fun to take out the mini boss in the Temple of Time with only that. Other Zeldas just lack the hidden moves, though Minish Cap had a bunch of hidden moves too. Also, they introduced a bunch of interesting new items. While they were all full of potential, they mostly weren't used as well as they could've been and were mostly abandoned after their dungeon.
Graphically, it's the best looking Zelda we've had yet. But I don't know if I can say that it wins. Yeah, I know. But hear me out. I would argue that its graphics won't age well, much like OoT & MM, whereas WW is less inclined to look dated due to its style. WW wasn't designed to look as realistic as possible; it had a unique style that will keep it looking good long after the TP graphics are dated.
Dungeons in this game are good. Easy, but good. Bosses are easy, but the last half of them are ridiculously epic. Plus the dungeons are still cool. Arbiter's Grounds was pretty sweet. Snowpeak is definitely the best concept for a dungeon I've encountered in a Zelda game ever. Plus, Hyrule Castle itself is so overwhelmingly epic in nature that the lack of a serious challenge can be forgiven, at least by me.
I could go on, but I won't. You get the point. I recommend this game, but with the warning that it is easy, and not the best Zelda game. In my opinion, OoT, WW, MM, and my personal favorite Link's Awakening are better. But don't let that stop you. Go, get the game, enjoy it, and all that jazz.