Basically, my take on the nerfs is that 3.5 left us with Melee Link+. Nerfs to nair, sure, but I think they just reset it to Melee nair. Fair was kinda...? More KBG but I don't know if the percent loss is the nerf and the KBG just perfectly offsets the knockback, but again, I think that's Melee fair with more KBG (?). Most of his other nerfs also seemed to simply move his stats back to Melee levels [including bomb throw distances], except his hitboxes are still better than Melee [or feel that way in terms of range and such], his recovery is mostly better than Melee [I think tether is eh, but his up+B is better, and standard bomb jump works ...he moved sideways I guess, but his recovery was better to begin with, so it's still better?] and his boomerang is better (mostly - can't go quite as far, but better in pretty much every other way) as well.
Since I play Melee Link, this new Link feels comfortable - 3.02 Link felt like a buffed, super-strong Link, while this Link feels like I'm playing Melee where my sword is a bit bigger, the top tiers are a bit more fair, and I have a better boomerang for comboing [zoning I think it does slightly better, but not too much].
And he finally got his dark Melee costume, so I can play the Link skin I like (dark without those horrible eyes). Now I wish (futilely I'm sure) they'd make a Brawl Link dark costume without the creepy eyes and I'd be pretty much perfect with how Link is.
Many of you are probably like, "Don't you miss super strong Link?", and while I KINDA do, I don't miss Mewtwo's teleport hover nairs, Fox usmash killing me at like 95%, or Ness PK-firing my shield (though PK fire can still be annoying) while also having extremely low endlag on his recovery. And those changes [plus other nerfs elsewhere] are more than enough for me to fully embrace 3.5 Link.