I feel Link is still a high tier character, maybe around Mid to Lower A Tier.
His ground and air game are solid and balanced with each other, his Zoning game is great, Footsies is decent and his Neutral is among the best. His grab game is among the more decent ones, landing in solid combos, such as the D-Throw > B-Air > B-Air, or his D-Throw > SH B-Air > SH F-Air. His combo game is great as well, and his U-Air is a great Upward Zoning, since it has a glorious disjointed hitbox (the third biggest, after Dedede's F-Smash and his [Link's] Dash). The U-Air's duration is also good for U-Air > Fast-Fall on air dodging characters, for if an opponent air dodges, they will get hit (tested on Ganondorf, Donkey Kong and Samus). His recovery, while it was once one of the worst in Brawl, is now one of the best in this game.
In summary:
-Great Zoning
-Decent Footsies
-Amazing Neutral
-Decent Grab Game
-Good Combo Game, Great Combo Game against Heavyweights
-Decent Juggling
-Great Recovery
-Amazing KO abilities
From what I've experienced as well:
7:3
8:2
6:4
7:3
4:6
5:5
5:5
6:4
7:3
5:5
The reason I feel he has very favoring Match-ups on Bowser, Donkey Kong, Little Mac and Charizard, are because he can quite easily out-range them. He can also combo them because they all have heavy weight against them, and not the range to help them out of Link's combos and juggles.
With Rosalina and Dedede, he has slightly favorable matchups, but with Rosalina, before the patch, I wasn't so sure. If Link gets rid of Luma (of which he's very capable of doing), he will be able to target Rosalina very easily, as his attacks all come out faster and end faster than Rosalina. Sure, he might not have his projectiles to help, since Rosalina has Gravitational Pull, but Link still has the range against Rosalina.
With Link and Dedede, they're very close, but Link favors this as he can safely knock the Gordo back to King Dedede. As well, due to Dedede's large weight and again, Link out-ranging him in most attacks. However, Dedede does win Footsies and Zoning game, but his Neutral is beaten by Link.
For Doc, Diddy and Marth, they are quite even with Link, with Marth having great Footsies with Link, as well as equal Zoning, but no favorable Neutral or Spacing against Link. With Doc, he render's Link's projectiles useless, but Link has great Footsies and Zoning against Doc. With Diddy Kong, Diddy lacks out-ranging Link, as well as Neutral and Spacing, but Diddy Kong can get in on Link with grabs and Side-B; the one thing, however, Diddy players need to avoid off the edge, is recovering, because an accurate Link player can either stage-spike or meteor Diddy.
With Mario, Mario can trump him in almost every corner, giving a soft counter against Link. It's only minor advantages against Link that Mario can win against him with.
Of course, I can't explain what Link can/can't do altogether, but I feel he's really amazing in this game, and doesn't belong in lower tiers this time.