It doesn't seem like anyone's mentioned it, but the chain is great for deflecting some projectiles. I'm not sure exactly which ones, (I know it doesn't stop Fox's Blaster) but it can deflect many other things. For example, when Link pulls out a Bomb in a 1vs1, pull out the chain. While holding a Bomb Link is quite limited in his choices. He can throw/drop the bomb, shoot arrows, throw his boomerang, and do his spin attack (which you shouldn't let him get close enough to you to do. The chain can deflect all of these tools. Of course, Link isn't that helpless, there are plenty of things he could do, such as this: UpThrowBomb>SH>Hookshot to the face.