He feels pretty different from Smash 4 Link, that's for sure. It's going to take me a while to get used to Ultimate's mechanics and Link's bomb recovery, but overall, he feels straight up improved from previous games. His ground attacks feel a tiny bit slower however, and not being able to neutral air with Tilt Attack on C-Stick or Slide Toss items the traditional way is going to take some getting used to (you can't jump-cancel throw them, you have to crouch/turn around during a dash and THEN tilt/smash throw them).
Still, Link's increased sword length is definitely noticeable, his grab is really good (especially shield grabbing), he has powerful moves to punish with out of a parry, his remote bomb is REALLY good offstage and stage control once you get your opponent up to a decent %, his old boomerang is back and good (the usual), his spin attack is still a really good OoS option and recovery move, and finally, his aerials... bless Nintendo for giving him the ability to have more landing options that are safe on shield.
Many of us will probably want to play Link as a mid-range swordfighter with plenty of zoning and stage control options at his disposal. Most of his ground attacks are still unsafe on shield, so you'll want to use dtilt and jab most of the time. Aerials are your friend due to the low lag they have and their range, so use them to pressure and approach. Boomerang will again be our go-to option to pressure the opponent, and it works even better at that thanks to having a returning hitbox. I don't see Arrows getting used too much until higher %s as a gimping/combo tool (remember you can pick up an arrow shot on stage and either throw/z-drop it at the opponent or stack it with neutral B for extra damage). Bombs have been pretty important for Link's gameplay, but in Ultimate, they're especially important. Remote Bombs have pretty high knockback, and they can kill opponents off-stage at high%. The stage control and pressure you get with them is pretty significant, and there's a lot of potential for setups/big brain plays with the ability to attack them to cause them to roll or fly in a direction.
To sum it up, don't play Link like
/
or else you'll get bodied. Focus on the items you have at your disposal and utilize his attack range, power, and aerials to zone and punish the opponent.