Well, I believe the majority, or at least, some of us know enough of how to beat Link, for I for one am a Link player, and I know that their are lots of things people could do take my Link down.
I think that going in a fight, Link can have alot of disadvantages against other characters. People can definetly use Link's poor aerial recovery to their advantage, Shiek can juggle Link to sickening results before Link can even get out of it. Even at higher percentages say around 50%, say if Samus where to grab a hold of Link, and throw him to the floor, Link can't roll, because he is only initially bounced once, and in the air, Link still can't recover, so in turn, Samus can Forward+Smash if Link is close, and usually he is, or else, run and shoulder tackle Link. I know that this is one of the things to watch out for when going against a Link player, knowing that Link has poor aerial recovery.
Link's hootshot is also a good or a bad thing, and I will not be the first one to admit that the hookshot can be a savior or a killer. I would have to say that knowing the Link players I know, and including myself, that I have a tendency to hookshot if given the opportunity, however, many people have learned to "sucker" me into shooting the hookshot. If a Link player misses with a hookshot, he's pretty much saying, come on and hit me for free, luring Link players to do the hookshot is also one thing that I find useful, knowing how far the hookshot goes, and getting a Link player to miss fire is a big pay off.
One of my buddies plays an excellent Roy, and he'll run back and forth, then come bursting at me and start Sword Dancing, I picked this up and whenever he got within reach, I hookshot him, after awhile, he finally picked it up too, and came bursting at me, but stop just slightly beyond range, I bit it, and hookshot, and that led to a K.O. for I was already at 70%, so you could see here, baiting the hookshot is a good thing when going against Link players, as some of Link's best combos can come from the hookshot.
Well, their are alot more handicaps that Link has, but these two are my two horrible heels right now. Another disadvantage for Link also is, I don't know if some of you have this problem, but it is Link's rather mediocre K.O. potential. I mean, I literally have to make then get into high percentages before I can K.O. some characters, given not all characters are hard to K.O. but characters in particular like Marth, Samus, and Jiggly Puff I have a difficult time K.o.ing them at lower percentages, for some of Link's best Smashes are his slower smashes and big lag times if you miss, Sword Plant, and Second Forward Sword Smash. Link's first forward sword smash swing has only mediocre K.O. potential when compared to other characters, and getting his 2nd forward smash on opponents is difficult if people catch it, they'll usually make you pay for it.
Also, the Sword Plant is very difficult to land, you have to really get a surprise on them, as I can't just short hop and sword plant like a mad man, or I'd be one dead Elf, even if you L-Cancel, it's still bad, only if you hit twice with the Sword Plant and L-Cancel will Link instantly recovery from the Sword Plant, or else expect to have to pull your sword out, even though it would be slightly faster than without L-Canceling at all, but still.
Hopefully anything I gave out some descent tips, and if I am wrong on some things, do shed some light, for I've been trying to find now a days characters that Link have extreme difficult times against. I really need to work on this, as I've pasted a quote on me that in SSBM I shouldn't underestimate any character even if someone where to pick Bowser and go against my Link.