*boring story - it doesn't have a very engaging story to tell
It's not the best story of the Zelda series, but I still think it's a very rich story with complex characters and an interesting conceit.
*bad cutscenes - compare it to the likes of Final Fantasy and you'll see what I mean
This is an apple and oranges argument. The N64 just couldn't handle FMV as well as the Playstation did (for the obvious reason that one's cartridge based and one's CD based). For what the developers were working with, I think they did a really good job with on-the-fly cut scenes.
*lame dialogue - it seems like the dialogue is aimed to kids alone
Well, ostensibly, it
is. The game is meant for a wider audience. It isn't meant to be "edgy" or "mature." It's not laughably bad, but I think picking at the dialogue in an N64 game is a little reaching.
*bland environments - I didn't feel a sense of wonder as I was journeying though my through the world of Hyrule
You might have a point with this. The areas can be a bit graphically bland. I happen to like them, but I can see where other people might just be bored with them.
I notice you left out the important aspects, though. How is the gameplay? What did you think of the button layout? Was it too easy? Too difficult? Was it at least fun?
I hate pulling this argument, but I think it comes down to a "right place, right time" sort of situation. If you had originally played it around the time of its release, you'd realize that there just wasn't anything like it. At least not on the N64. Hell, the N64 should not have even been able to handle a game like that. But, if you've first played it within the past ten years, I can see why you'd get bored. There has definitely been better games released since then. OoT isn't the best game in the world, it's not even the best game in the Zelda series, but it's still a pretty good game.