It depends on what you consider to be an improvement. Some people like it less due to the smaller world, less dungeons, and the sensation that they're feeling rushed by the time limit. Personally, I greatly, greatly prefer Majora's Mask, to the point where MM is one of my favorite games ever and I think Ocarina of Time is pretty bleh for the most part. It's got a fantastic sense of world-building, as every NPC feels important and there's a ton to do in any given day cycle. Tons upon tons of sidequests, and they all help characters feel more human and alive. And with the massive plethora of items and masks to collect, you'll always feel like you're experiencing the game through new mechanics. To me, the time limit serves as not a feeling of "getting rushed" but rather of responsibility. It feels GOOD to fulfill obligations to people under a strict time limit, like you're working your best to improve their lives a little bit at a time in their last moments of life. It's very bittersweet, and I love it for that. Also it doesn't have bullshit filler sidequests that I'll never want to bother with, like "collect 100 Skulltullas." A lot less aimless wandering, a lot more focus on developing individual areas.
Also, you have to shoot an arrow through the fire to set it on fire and light the torch. Don't worry, I had to walkthrough that myself.