It may not have the notoriety of being the first 3D Zelda, or the wide-open epicness of Ocarina of Time and Breath of the Wild. But the things Majora's Mask does different is where its strengths lay.
Having only an 18 month development cycle, the world necessarily had to be made compact. But while there may be a shortage of massive vistas and only four main dungeons, the world actually feels more alive than ever. Every corner has been filled with content, and not one bit of it is filler.
Every side character has a schedule, a story, and a part to play in the greater scheme. As the three day cycle passes, you see the fruits of their labour or their increasing despair at the end of the world. And as you progress in helping them, key points in their quests are timestamped and checked off in your notebook, a great help in keeping track of them all.
And these are not empty stories. No other Zelda has as deep or as much variety of emotion. Denial, regret, loss, depression, worry, love, and caring, all underscored by a deep, unsettling atmosphere brought to life by vivid colours and brilliant effects (courtesy of the Expansion Pak), impeccably constructed cutscenes, and a Koji Kondo soundtrack for the ages.
Clock Town, Day 2
Astral Observatory
Rosa Sisters Dance
Deku Palace
Final Hours
Don't let the low dungeon count get you down either. Each region has a long story-heavy leadup to the dungeon, complete with minigames and mini-dungeons. The final region, Ikana, is especially well done, with numerous heart piece quests and lots of lore, topped off by the BEST dungeon in all of 3D Zelda, Stone Tower Temple. Both bright and eerie, with tricky navigation, a large variety of rooms, hazards, and enemies, and an epic central mechanic of flipping the ENTIRE dungeon upside down!
Each dungeon also has a second quest of sorts, with 15 well-hidden Stray Fairies that, when returned, get you some of the best powerups in the game. There are also two optional Skulltula Houses, an indoor archery range, and a Deku flying test, among lots of other minigames.
Majora is packed with sidequests, and it's all worthwhile, with 52 heart pieces and 20 masks with a variety of effects to collect, in addition to the 3 main transformation masks that really transform the game. Each one totally changes how you navigate, and differ greatly in attacking styles.
Another upgrade from Ocarina of Time is the ocarina itself. The songs do more now, such as speed up/slow down time, warp to more locations, and create offputting stand-ins for switches. They're also more essential to the story now, with the mournful Song of Healing and Oath to Order being of particular importance.
Only Breath of the Wild can compete with Majora's Mask in how absorbing the world is. Alongside the heavy story elements, pervasive eerieness, and potent art style, even the items and hidden pits have personality. Although a touch on the easy side, dated in some technical aspects, and the central time mechanic being a turnoff for more passive players, it remains an incredibly satisfying experience, and an experiment Nintendo should forever be proud of.
The screenshots/GIFs are from an original Nintendo 64 hardware capture by WatchmeplayNintendo