To be honest, I'm glad we're getting more alt-like recolors if we can't get full-on costumes.
But this one simply looks bad.
It's not even about having a hat, I'd actually like getting Outset Toon Link with hat+belt, that's the least of my worries. It's the deal with adding detail on the texture by just casually painting directly over it without giving a **** about actual shapes, the added protection in the gauntlets and the chainmail also take away from the casual look it should have. And don't get me started on the blue parts, they look as if someone just spray-painted them over his regular tunic. (and totally the wrong shade of blue at that, it might actually look decent if it wasn't for the blue parts)
I generally don't even mind recolors of this kind, Dark Link in Brawl was cool, so was Fusion Suit Samus. The thing is, those didn't actually try to add extra details to the character, they just changed the colors of existing parts and worked with what they already have, and had a generally good-looking palette. I can't say the same about this one, it just doesn't work well.