I imported the Japanese version of this and it is amazing. The graphics are like a really hi-res version of the SNES game, with some really nice effects too- definitly the best 2D graphics I've seen. It plays alot like the SNES game too, except now four of you with GBA's will be able to play together. It makes very good use of the GBA link up, you need to use it when you enter a cave or house but if you are playing alone you can use a regular GC controller. Unlike all the previous Zelda's, there is no huge world to explore, its all level based, which means that you can quickly choose a game on multiplayer. The game is not huge on single player, but on multiplayer it will last ages, because the levels are so fun you will just replay them loads of times. I really like the way that the muliplayer option is not wasted, the puzzles actually change slightly depending on how many people there are playing, and its a nice combination of co-operating and competing (there is also a winner at the end of each level for getting rupees, not dying, killing enemies etc.). The story is not special from what I can tell in Japanese, but it doesn't seem important when you're having so much fun! This is now my favorite multiplayer game and definitely the best thing that Nintendo have done to show off their GC-GBA link up. If you are a Zelda fan and have been playing the games so far, then you will be happy to see all the enemies, locations, and music back.
The only problem is that I don't think Navi Trackers is going to be in it, and thats a shame as it was easy to play and very fun even in Japanese. I'd say its worth it for the single player... but if you have friends with a GBA then its pretty much essential!