Believe it or not, the lack of HD is barely noticeable. HD would make a big difference in clarity I'm sure, but I've tuned out any graphical shortcomings pretty quickly in light of the amazing art direction.
Just a quick impression thus far: this is the best Zelda yet. Chessa and I have put in about 20 hours and you can tell Nintendo listened to the criticisms directed at Twilight Princess. It's different enough that it feels fresh, but not so different that it doesn't feel like Zelda. It's exactly the kind of growth I was hoping for in the series.