Oh god no HM
No it isn't. The further the series gets from it the better. Simply put, LoZ isn't what people think it is. The puzzles are nigh non-existant, the difficulty is hilariously unbalanced (and when it is hard, it's not due to design) and it isn't even "open" like people say it is-it's as restrictive as other Zeldas, it simply doesn't guide you (and what attempts at guiding you it does are terribly executed). Is it a good game? Yes. But saying modern Zelda needs to take cues from it is like saying that modern Metroid needs to follow Metroid 1.
But anyway, the reason it is less creative than the others is because of design. I mean look at the entirety of that game, then look at, say, the timeshift puzzles from Skyward Sword. More thought and creativity went into those puzzles alone than that entire game.
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^Poorly disguised anti-caps sig