I like the ability to use your own name as it makes you feel like YOU are the hero. However I can totally understand why girls with feminine names wouldn't want a (obviously male) Link called "Penelope" or something.
Luckily for me (the shortened version of) my name is unisex, so I get to call him my name (Alex) and still let him be a guy
when I was like a little kid, I would always make up some sort of name.
however, now, I just don't feel right using anything other then Link.
the same goes with epona, it has to be link and epona.
the_chosen_one of the godesses, Eric , you are epic.
me: why thank you
the chosen one of the godesses, Link , you are epic
me: wish i could be him. he is epic because of me
I've tried using a different name instead of Link but I never liked it. It seemed off and sort of a joke when it didn't say Link. I always have my name as Link now (even in other video games like Pokemon or Final Fantasy Tactics Advance) because it just makes it that more awesome.
I don't think it reduces the epicness. It kind of brings you there in a way, since the people are (in a sense) talking to you. I never put Link or my name though. I always pick something else, like with SS I chose Robdued (inside joke). But puting in your name does not reduce the epicness I think.
I usually put Link down. But once when I was playing through OoT I decided to put down the name of one of the characters from Happy Tree Friends. I had to stop after a while because I kept imagining that character instead of Link and it was hilarious. If you've ever seen Happy Tree Friends then you'll see what I mean. The Fire Temple especially made me laugh.