Oh, I remember these threads.
Link, no contest. Mario only sustains one power at a time, with one back-up power usually. Link has acess to EVERYTHING in his pack. Plus, Mario has a maximum of 3 hits before death. Link has hearts and LOTS of'em. Link has various magical spells, archery, swords, shields, staves, relics, explosives, boomerangs, and boots that let him hover across the air for a bit. Mario? Hm, jumping, throwing easily dodged fireballs, throwing iceballs, flying, turning into a statue, lobbing hammers, gliding, and spinning. And he only has the capacityt to hold one at a time with another in reserve. Link has an unfair advantage.