As a sucker who's purchased the updates as they came out, you're right. Each time I played through the newer version and appreciated the new stuff, but it did little to add overall. It would've been better if Atlus let you import old save files and NG+, but they don't even do that.

If I may suggest, a group called Games Done Quick regularly does charity speedrun events and the Majora's Mask runs are great for how the runners utterly break it. Beating MM in a few hours requires some rather creative logic breaks that are a joy to watch.