Eh... The bob fishing works, it just took me a while to adjust to what was going on. You just have to wait for a fish to bite it, the bob will then move down. After that just pull up. That's what I did and it pretty much worked.
I'm pretty sure the best fishing is when you get the real fishing rod.
Also, I am loving the controls. I really like using the wand movement and attacking like that. The horseback combat is alright, its not really hard to get Link to swing the sword.
I totally understand why most reviewers said that they would never go back to the classic control scheme. It's just more fun and seems a bit easier, especially for aiming your slingshot.
THAT'S WHAT YOU DO?? I've been swearing at the damn thing, and even switched TV/Video because it was so boring waiting for it to say "FISH ON"
EDIT: No that doesn't work either, it just keeps getting caught and it doesn't pull up. Oh wait I got it now, WHEN I THREW THE CONTROLLER BROKE MY GLASSES AND THEN PICKED THE CONTROLLER UP UPSIDEDOWN. I caught a fish! Where the fuck is it? I DON'T WANT TO FISH ANYMORE!!!