The problem with taking a game like this and just giving it d-pad controls means it'll become too easy since the difficult and level design takes into consideration the inherent troubles with stylus control.
My first impressions after playing the first level:
If you hate stylus control games, you will hate this game. No ifs, ands, or buts about it.
Graphically, the 3D-esque sprites of the levels are decent and the cutscene 2D drawings are full of character. The levels themselves are definitely in the spirit of Zelda: walk through and open gates using weights.
If that were all the game had to offer, it'd be a just-about-average game that would be easy to skip. But the fourth wall breaking and game making fun of itself for not being Lord of the Rings is great. The fact that you are playing a character that realizes how absurd most of the game is makes it a bit more fun.
At 16 megs, it certainly wouldn't hurt to keep around an SD card to play during dry spells of big releases. Too bad it came out around this time when it'll most likely be overlooked for all the other major releases we're seeing right now.