Actually, I stayed away from Majora's Mask because of the time limit I heard of.
There isn't a time limit. You can either travel back to the start of the three days and later on can slow down time as well. The only annoying thing is items like arrows etc are lost when you go back but you can save you money in the main town.
I thought that MM was very well done personally, only thing that really bugged me was that extra quest that wedding one that I believe spanned all three days and was really easy to screwup.