We've seen a lot of Young Link footage but only a couple matches with Toon Link, so there's some stuff I'm trying to wrap my head around regarding how the two play. If I'm reading things correctly, Toon Link seems faster on the ground, but slightly slower in the air while also having moves that slow his momentum. He also seems to have overall average attack speed, whereas Young Link has moves that are either incredibly fast or kind of slow.
There's a piece of me that wonders if the developers are trying to make Toon Link a more grounded character than Young Link, popping up into the air for follow-ups, but mostly sticking close to land. It's a weird thought to me, since I played him mostly as an aerial fighter when I picked him up in brawl. He just seems to have his mobility polarized more in each game. The new jumps could be messing with my perception, though.
I am liking his f-air in Ultimate so far. The thing looks powerful.