I can pass between the ladder fixtures when traveling from the left side to the right side, but not from the right side to the left.
http://www.youtube.com/watch?v=NK2lww-2BvI&hd=1 (Requiem for Hyrule, just left of the town)
One way Ladder?
From what I saw in your video, it looks to me that it's letting you cross over two neighboring water combos with the ladder when traveling from left to right. So I'm thinking that being able to cross over two or more neighboring water combos like that with the ladder is the real bug here.
After a little bit more testing you seem to be correct, I was over analyzing the problem.
According to the change log, this seems to be fixed in the next build.
There's an updated executable in the RC5 thread, so you can recheck this one already.
This right? http://filesmelt.com/dl/zelda-w.exe
Still happens in that version.
Should be fixed here: http://filesmelt.com/dl/zelda-w5.zip
Confirmed fixed.