This latest Ocarina 3D video reveals the new "Hint" system, which will give player's "Visions" in order to help them during a particularly juncture. If you don't know what to do next and can't make out the vague babbling of that infuriating little fairy bitch, then you can always rely on this.
Nintendo's been loving the idea of this hand-holding thing for a while, most notably in New Super Mario Bros. Wii. Nobody has to use it if they don't want to, so I wouldn't sweat about the game being "dumbed down."
Just ignore it if you like, and proudly tackle that Water Temple like a boss.