Out of the three console specific characters, Link appears to be the one who was intended to adapt to whatever offensive or defensive situation the player feels comfortable dealing with. Link can move in and out of just about any range game, but he doesn't seem to heavily dominate any of them.
The bulk of Link's moves seem to take advantage of the medium and short game. He can trade hits or play a medium evasion game a' la Yunsung if someone is trying to contain him. He can also play a limited short pressure game with the mixture of speed, variety, and moves that physically transport Link in and out of different ranges.
His most lacking range, as it is with a lot of characters, is long. While Link does have a bow-and-arrow and boomerang move, their nature simply won't allow him to hang back and use them a lot. Realistically, projectiles are very limited in a game where side-stepping and 8-way running is the norm.
Link's Cross Slash Combo offers a simple meaty attack string that seems to come out quicker than a lot of his other moves, making landing it on an opponent slightly easier than normal. Try also experimenting with Step-in Attack Combo (6, A, A) and its variations for some high-low mix-ups.
While you shouldn't overuse these three moves, they are not worthless. The arrow projectile is probably the most useable from a long-range situation. It comes out very fast regardless of the Bow stance giving Link's intentions away and will ground your opponent (with the charged version being unblockable). The Boomerang has a slight edge over the three projectiles because of the fact that Link can both run in any direction with it and it can be used to knock opponents out of an 8-way run (where the bow is a lot more limiting on movement and attacks directly). The Bomb, unfortunately, is probably the toughest out of the three to land on an opponent because of its combination of limited range and a time limit. On paper it would seem to be good for shutting down real estate between yourself and your opponent, but that idea isn't very realistic in execution.
Link's Forward Roll and Side Roll moves are not godly, but they do offer some nice fake out/offensive evasion options for Link. They're nothing like Cassandra's Angel Exile, but it still gets Link into moving in and out of ranges while trying to make his opponent second guess what is going on.
Click here to see all of Link's moves
