Firstly -
Not that I expect it to be used in B+, but it's still nice to have.
Secondly, Galerang sucks. It does no damage, no stun, and... Pulls people toward you?
Anybody experienced with playing against Link can dodge it, you can't use it for gimping anybody, because it's incredibly easy to dodge it when it comes at you, and then ride it back for an easy recovery. The only useful windbox is right when it starts to turn around towards Link, because it has a windbox that pushes, instead of pulls.
In short, the boomerang is basically worthless when it starts to come back to Link. In fact, if you screw up and aren't doing an attack when you catch the boomerang, you have the lag from that animation, as well.
This is from both playing against, and with Link.
It went from ridiculously amazing (Smash64), to pretty good (Melee), to "Meh" (Brawl, B+)
Not that I think Link is a crappy character because of it. Or that I never use it, because I do. However, I use it for hopes of messing with the opponent on the way out, not the way in. And I don't throw it much when the opponent is offstage, because if they're a character with a halfway flexible recovery (Nearly everybody) they can often use it.