The most interesting take I had on this song was that it could be just as easily be used to evoke determination as well as soothe. I can see this being more of a thought-provoking or bitter mood setter.
For example, by the time you actually reach the Gerudo Valley as a viable play point in OoT, you are very close to the end of the game. The idea that, by that point, your character has seen so much tragedy and been unable to stop a great deal of it --Ganondorf taking over Hyrule and all of the atrocities that Link bore witness to (or saw the result of, such as the Great Deku Tree's curse or the market town after the 7-year gap). I can see this playing as Link is journeying and remembering just why he has gone through so much hardships in the game.
I really like this version. 5 stars!