I disagree. Look at TP. There is a large number of items, many of which are rendered useless once you've acquired a better item or completed the dungeon in which you found it.

This is a good idea. I'd like to add to it the following:

• Handicapping
  One thing I'm sure many of us long time veterans have noticed is that the games are getting easier and easier as they are released. This is a travesty. There's no challenge anymore. The Oracle games had the right idea with the Ring System. There was a substantial number of rings that allowed you to put a limit on Link's Power and Defence, specifically the Power Rings, which sacrificed Defence for Power, and the Armour Rings, which did the opposite. Then there was the Cursed Ring, which was wholely negative, halving both your Power and Defence, and other rings like the Double Edged Ring, which damaged Link and the enemy similtaneously, and the Whimsical Ring, which reduced Power, but randomly dealt critical blows.
  What I'm saying is, we need a system similar to this in order to give ourselves a decent challenge, whether because the game gets easier the more you play, or because you genuinely find it difficult from the very start. It adds replay value to the games like you wouldn't believe.
• Limited strength and more challenging battles
  I miss the days when you had to go well out of your way to get your hands on the ultimate weapon. ALTTP and LA are probably the best examples, having to complete certain tasks or collect special items to upgrade your sword to the strongest level. I don't count Biggoron's Sword, since you had the option to choose whether to equip it or not once you acquired it. In most recent games like TWW, TMC and TP, the strongest weapon is acquired as part of the story, and becomes your default weapon. I hate this aspect, because it gives you no means of challenging yourself. Take ALTTP, for example. Get the Golden Master Sword (Lv.4) and you'll destroy Ganon in no time at all. Leave the Master Sword at Lv.2, and suddenly he's a lot harder, especially since only Spin Attacks will damage him. Ganondorf (TWW) and Vaati on the other hand presented absolutely no challenge at all, the reason being they were not creative enough enemies, and Link's attack power was at its maximum by default. This needs to go. I welcome the day when they return to OOT's equipment system.
• Unlockable master dungeon
  A secret dungeon with tough puzzles and tougher enemies should be mandatory at this stage in the series. Dungeons such as the Hero's Cave in Oracles and the Palace of the Four Sword in ALTTP GBA were great additions to the games because of the extra challenge they offered, in Oracles' case because of the prize at the end (Lv.3 Power and Armour Rings) and they just add extra gameplay value. I would find such a place preferable to the incredibly mundane sidequests such as TMC's figurine collection. True, it had a great prize (the Mirror Shield), but the task itself is so long and drawn out that it puts off many players because they don't have the patience. Such things should be acquired by solving truly devious puzzles (Hero's Cave) and defeating a truly difficult enemy (Palace of the Four Sword). Things like OOT Master Quest didn't satisfy to this end. Truth be told, I actually found it easier than the original. The addition of an extra quest or dungeon would really add to the replay value of the games.

That's all I can come up with.

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