Personal note here: aside from the somewhat shaky battle themes (which I admit weren't as good as the ones in Majora's Mask and Ocarina of Time--although a couple of them toward the end were quite well done), I found WindWaker to be a fairly decent soundtrack. Perhaps a little bit below OoT and MM, but nowhere near unbearable.
I'm hoping that TP has a bit more variety in the sound library department than the same old MIDI samples, but hopefully the orchestrated tunes will give it some punch. And if not, well, maybe the quality of the compositions will save the day. But we'll find out when (and if!) the game ever gets released.
-Jon T.