I think he looks fantastic, in every sense of the word. I love new movesets, but this is the one exception I wanted, and I got what I wanted. Somehow, Toon Link is the perfect realization of what I wanted from Young Link in Brawl.
Impressions:
Dair is obviously changed. I really like how it rockets down, makes a typically very easy to dodge move much harder to. It has less knockback, but I'll live. I can efficiantly kill with him anyway. His bow has changed, as well. While I loved his fire arrows, I think I'll be just as content with these. Not nearly as stunning or damaging, but much, much quicker, so I'm digging it. His spin attack looks weaker in the spin, but it has pretty impressive knockback. He's much more floaty than before, but I like it. I'm really curious to see how his fully charged spin attack goes. Oh, and I'm very glad he's sporting a traditional boomerang. In TP and SSBB alike, I despise the Gale Boomerang.
All in all? He looks phenomenal. I was planning on maining Snake this time around, but now that Young Link is back, I can't resist. He's AWESOME.