In my opinion, the best of the 3D Zelda games (We'll see what "Twilight Princess" brings us). I believe it tops Ocarina in many aspects. The fighting is more chaotic, there are more moves and your "helper" (a shiny rock)is less talkative compared to Navi.
It takes place several hundred years after Ocarina of Time with a new generation of Link. Ganon had broken the seal, Link's sister is captured by Ganon. So Link goes to kick Ganon's ass...again.
The Wind Waker looks funny but it's a hella good game.