Most of the time people who don't understand the fuzz is because they didn't play OoT first or during its original release. Now, don't get me wong, I am not saying taht if you had you'd love OoT and think too it is the greatest zelda evah. No. There is a difference between saying that OoT is the best Game ever and saying that OoT was probably one of the best games for the Nintendo64. OoT is a dearly beloved Zelda game and it is for a good reason.
I will try to explain to the best of my ability what is the fuzz with Ocarina of Time. Buckle up this is going to be long!
Let's first go before this game. I will not count the consoles outside of Nintendo though if I recall correctly they were like a bit more polished SNES and games could run low quality movie videos to make the cut-scenes.
As we know The Legend of Zelda was a fairly successful franchise with four games out:
1. The Legend of Zelda.
The original game had no instructions, no sidekicks, unless you had access to the instruction booklet, otherwise it was simply exploring the world, discovering dungeons with a number assigned to them (which helped you understand the desirable order in which you should beat them) and ultimately leave the choice on you to deal with the consequences of daring to bite more than what you can chew. It was a nice overworld formula readily adopted by other games at the time.
2. TLoZ: Adventure of Link.
Nintendo tried to spice things up experimenting with a side scroll adventure, semi-random encounters, adding magic, having the final boss not being Ganon, etc. Note that as second game this means Zelda didn't have a grounded "This is what makes a Zelda game be one" the way it currently does. Link being able to transform in something else started right here, if I can recall correctly.
3. TLoZ: A Link to the Past.
The Zelda game that unified the "Zelda feeling", it was the YES game that took the best of the past game, added their new mix and consolidated the formula. At its time, this game defined for many the direction the franchise would go. ALttP had the magic but was back to LoZ's Point of view, with an added story, tons of fun side quests and weapons and the first blonde Link. Different tunics, boomerang, canes of power, nets, etc.
4. TLoZ: Link's Awakening.
Helped ground the formula from ALTTP, it had new items in the mix, an interesting little story and the first Zelda-on-the-go game. This game decided to blur a bit the lines not only between Mario and Zelda with cameos but between what's right and wrong. Are you helping or just being selfish? Is it worth the sacrifice that must undergo in order for you to be able to leave the island?
Then we have the N64 being announced with a jump for 3D graphics and Zelda was going to make the jump too! But just how could the Zelda formula be adapted to 3D? Would the Zelda formula work for the N64? What changes could be done without stopping the game from being a Zelda game? People were divided regarding what to expect, some thought of this as a mistake while others embraced the idea eager to see what would happen.
This was the 95's Tech Demo, just to give an idea of what a Zelda game in 3D could be:
It may seem quite crappy right now, even comparing to the final look and feel of the game, but it sure as heck was something unseen back then, especially in a Zelda game. Being able to see Link actually swing the sword in different ways and having a one-on-one fight really got some attention and further divided the people between those who thought the 3D was a just a fad and those who wanted to see how technology would make games closer to reality. Graphics like the current generation were a futuristic wild dream back in the 90's. I remember back then I was still using a NES, hahah.
Ocarina of Time was a new ground for the developers, which had to test and re-do several things. That is why the N64 rom is crammed with left-overs. Same with other N64 games from Rare and the like. It was the transition from a one or 5 man game into bigger and more complex development teams. It was a stage of transition for gamers and developers. Furthermore it was an age of division. Sony went for the cds while Nintendo stuck to the cartridges. Games that we enjoyed on NES and SNES had their newest addition as exclusive for the Playstation. Final Fantasy being one of the first that comes to mind.
Nintendo took at least two more years from when that tech was shown before the game was polished enough to be released. They had more ideas but limitations by hardware and the pressure by the consumers to release the game threw many out of the window, still, Nintendo tried its best to make sure the game was polished and ready before being released.
Think again of the games so far... LoZ, AoL, ALttP y LA
... then think on how Ocarina of Time stepped up the game.
The Tv adverts were pretty rad too, I mean by its time it sure got your excitment going:
And then the game arrived and it was for many better than their wildest expectations, this game brought in a lot of new Zelda fans, as far as I know more than any other Zelda game has due to its brilliant moment of existence with Message boards and Internet becoming more and more common in households. A lot of people heard about this game and decided to try it. me included, in fact I didn't know it was the fifth instalment until I saw websites calling it "Zelda V". Ocarina of Time raised the bar for 3D games in terms of looks, fun and gameplay.
I can only tell you what it meant to me as a 13 year old having a game with its own folklore developing like a fairy tale. The first I played it it just blew me away to be able to walk in the kokiri Forest and that link could walk or run and then the Hyrule Field, with day and night and Link shadow changing accordingly. I liked the characters I met and the dungeons were very imaginative too. It made me believe in this kingdom and fantasy about living there.
When you're coming backwards, it is difficult to appreciate a game that offer less than the successor. Twilight princess is a good game and has its fun moments and dungeons and a nice world. If I had played that one first probably I'd feel Hyrule Field in ooT was ridiculously small and Link and the characters were too poligonal, perhaps. I am honestly not being pedantic here and I think there are people able to enjoy the game even if they came backwards from the Wii titles. I am happy there was a remake for the 3DS as it takes away the outdated looks objections and allows newer generations to give it a try.
Anyway, that's the fuzz with it really. It is a game that came in the moment of transition and raised the bar for 3D games. It is the Zelda game that showed exactly how to pass the formula to 3D absorbing what it could from the past titles and adding some new items like the hookshot. It is the game the brought a lot of new people into the franchise and amazed them with what they had to offer. Zelda sites and forums filled the internet between OoT lovers and ALttP defenders and kept going, some for decades as newer games came out. It spark imaginations and is overall a well cared game with a nice balance between side quests, dungeons and just good ol' relaxing by mocking around. OoT was an important gear of a moment that may no return, other than get prettier graphics and stick either with 3D or top view it is hard to imagine a Zelda game that swoops everybody and brings millions of new fans on board, sadly part of it is precisely because people demand to feel the same way they felt, ignoring the changes and the decrease ability to be impressed, with newer titles as they become a bit too specific on what does the game needs.
Ocarina of Time has a lot to thank to ALttP and it can be sad that it is unfairly given praise for things it didn't do. The story of OoT is also very similar and has in its own way fall into a trope: collect 3, retrieve sword: collect something else (usually seven sage related dungeons) face the big bad guy... face big bad guy in its next form. Even the newest Zelda out for 3DS followed to a certain degree this pattern.
The Z-Targeting was a great idea and one that has stuck in one way or another ever since for which many praise Nintendo, but OoT didn't come with it,
Megaman64 did, right to the four yellow inward arrows.
I've ranted all day here, hahah.
Well, I hope this could be somewhat of help.
anyway to me the only difference of the 3DS version version were better graphics and the Master Quest was part of it, not it's own game. Although I do like the ability to refight bosses!
and yea, I agree with you, the 3D version is just a revamped edition, but still, reconsider your thoughts on it not being that good of a game! Seems like your tricking yourself 
its considered one of the best games ever made, and the 3DS version just makes it better!
as for the song... Not sure why you sung it...?