he lacks options, range, priority, killing power (dsmash is legit but difficult to get off unless your opponent is unfamiliar with the matchup, but that's pretty likely...), he gets killed easily, shinespiked easily, easily edgeguarded if opponent knows what they're doing, has a laggy grab that doesn't lead into as much as most better characters, etc.
his projectile game is nearly unrivaled, though, in the right hands. the fast fall thing is amusing. probably why in Tiny Melee, Young Link falls slower after a fast fall than normally. rofl.