I thought changing the dungeon-flow would add MORE adventure. I don't think that will detract from story. It really does look like they are going back to roots based on the E3 demo.
I imagine it being: (story) Link finds
SS and goes to Hyrule. He explores the amazing, dungeon-esque landscape before reaching a village. He then learns how to reach the dungeon and continues exploring, perhaps through another field-dungeon.
They want to show off the new graphics and controls. That's why they are just showing us gameplay and new terrains. That's what's introduced this time around.
I'm still excited to see the villages and NPCs. I think it will be more exciting if they keep a lot of it secret before it's released.