I honestly don't know how I feel about this design for Link. Perhaps the best word I could use describe it is "generic". Nothing about him stands out from the character's past iterations, except the HD rendering. I also feel his overall appearance is a little too glossy.
In my opinion, this design works as a Smash Bros fighter, but not as a playable Link in a full Zelda game. Link in Smash Bros is supposed to represent the character as a whole, so the lack of distinguishing features is a sensible choice on Nintendo's part. With Zelda Wii U, however, I want a Link who isn't a bland retool of past designs.
Honestly, I'm just tired of seeing the Twilight Princess-style Adult Link at this point. Controlling an older version of Link used to be special. It was an innovation that made Ocarina of Time standout and made using the Fierce Deity mask in Majora's Mask such a treat. Nowadays, the concept has been overused, drawing Link away from his origins as a boy hero. This transition is likely meant to appeal to the mindset that Link should be a gritty warrior. Someone who corresponds to an idealized masculinity by killing monsters and putting on a tough guy face while doing it. Although it's true Link has always been a skilled swordsman, this is not his central defining characteristic. I personally have always seen him as a plucky adventurer, rather than a fierce fighter.
Now I'm not opposed to having a realistic Zelda as the next game. Its time for Twilight Princess fans to have their turn after Skyward Sword's impressionistic art style. I'd be fine seeing a Link use the graphical style featured in the next Smash bros. However, the specific design above is simply too boring for me to accept as the next Link. I want a brand new design that distinguishes Zelda Wii U's hero from the pack.
Some features should always be a part of Link's design, such as the green cap, tunic, pointy ears and youthful appearance. These are all central to establishing Link's identity. There are, however, many different ways that this raw material can be arranged.
My personal preference is to return to a younger version of the character than what we've seen in recent 3D outings. An age-range of 14-15 seems ideal to me; not too old, but not too young either. A shorter cap that doesn't flop behind his head would also be a nice change of pace from tradition. I'm also a little tired of Link being blond, and would like to see the light brown hair of the NES era Link return.