I have a different opinion, but only in regards to what is bad and what is not as I generally see it equally as bad as winkio does.
While a good deal of the tilesets seems to be either from Zelda 3 or created in the same style, the sprites seem to be not. For somebody who has actually played Zelda 3 the more blurred sprites look weird and inconsistent. Zelda 3 had more of a serious color palette with darker and less saturated shades while this here seems to borrow the cartoonish and cellshaded style. The menus look good, but the items look cartoonish again, even the masks from Zelda 6 seem not to fit. This inconsistency makes it difficult for me to take this seriously. They should have gone with one style instead of mixing everything up. The animations look cheap as if I made them (e.g. the sword slash). IDK who scripted this, but the item animations look ruggish (boomerang, hook, etc.) And I hope that this music is only added afterwards because using the music from Zelda 3 and Zelda 6 clashes to hard in style that I don't even know where to begin.
I mean respect for the effort and clearly a lot of time went into this, but from the quality of the result it doesn't seem to me that they were making an engine for others to use but an engine to make their own game (in which case I would forgive most of all these faults, even graphical and musical inconsistency). Picking RMXP for this kind of project already shows that they don't really know what they are doing, especially because of its problems with performance and a general lack of interface to make it easier to actually make a Zelda game in a Zelda engine.