Agree@Gheb. Going up against a good Link player is much scarier than going up against say, a good Bowser or Mario.
I think Link's projectile game is underestimated, too. Bombs are good. He has the ability to force reactions with his projectiles that can be punished with bombs or zair, and he has good long-range pressure. His close-range game is pretty bad (ZSS I know can beat almost any of it by just getting close and using dtilt) but not unworkable, as once he lands a move he can usually get you out of his zone.
Link is an extremely horizontal character. He has good projectiles, a usable zoning game in fair and nair, etc. He is really good at covering the area directly in front him.
Link's problem is that vertically he is almost useless. His uair and dair are scary kill moves, but also really punishable and easy to bait. Bombs are good for dair kill set-ups but if you avoid Link while he is holding a bomb it nullfies that risk. Juggling Link and punishing his landings is quite easy, as well. I think Link with Marth's uair would be a much much better character.
Also, pressuring Link's shield is a really strong option at mid-range especially. He really suffers out of shield and charaters with strong pressure games are annoying there.
His recovery is not in and of itself a problem. Usually between his weight, boomerang and bomb traps, Link can make edgeguarding him risky enough that he can make it back to the stage. If his up+b makes it to the stage, the lingering hitbox makes timing the edgeguard difficult, too. Where recovery is concerned, his biggest problem is moves that send Link away from the stage at a horizontal angle like Wolf's down throw, ZSS' low-angled ftilt, and Fox's down smash. Also, many high tier characters can abuse this angle, which makes him an incidental victim of high level play. I don't think most characters have strong guaranteed ways to gimp Link, but unfortunately many good ones do.