I loved it. Objectively, it definitely had some major issues (overly-long tutorial; too much hand-holding in general; excessively linear at times; some redundant exploration/items), but it was probably still my favourite game of 2011.
(Potential spoilers ahead!)
The whole experience felt like a celebration of the entire Zelda franchise up until that point. I loved the way it set up the overall timeline (yes, I'm one of those people; sorry), especially through its ending. Narratively, Groose had almost Midna-levels of actual character growth, and Link and Zelda displayed a stronger relationship dynamic than in most entries in the series. Ghirahim was also an interesting antagonist (the parallels between him and Fi, with him being a "dark" Master Sword for Demise, were a neat touch), and I particularly liked how his voice samples reminded me of Ryusei Nakao (the Japanese voice for Dragonball's Freeza). The music and art-style were just majestic throughout, though the latter could have really used an HD coat of paint - it looks gorgeous in Dolphin!
On the gameplay side of things, the inclusion of a stamina meter for running added some cool new twists to dungeons. And though the dungeons themselves were a little easier, the approach to each temple was practically a dungeon in itself. It was unfortunate to see so much recycled content in the last third of the main quest (before the true end-game), though I did enjoy the smart re-use of Elden Volcano. Unlike most of the Internet (apparently?), I had next to no problems with the motion controls, but it should be mentioned that I also thought that about Trauma Center: Second Opinion on the Wii. I might just be crazy.
Curiously, much like Twilight Princess, I think the main problems in Skyward Sword can be "fixed" fairly easily, too; just remove the bazillion tutorials/hints in Hero Mode (which should be available from the beginning for Zelda veterans), and re-balance the use of certain items. I do wonder what the game would have been like with another couple of months of development (mostly to tweak dungeons/add more overworld content).
All that said, it's probably still in my top five(ish) Zelda games. Now, where in that ranking I'd put it is under great debate. ;) If the next Zelda can take the best aspects of Skyward Sword and fuse them with the forward-thinking revisions in A Link Between Worlds, I reckon we're in for something pretty special with the Wii U's "Zelda meets Skyrim".