LoZ, AoL, ALttP, LA, OoT(Young Link), MM, so over a third of the time the Links are without pants and hopefully brought underwear, later on they happen to have nylon/spandex/lycra from the future, and now he is transitioning to pants (TP/SS). I go with progress and less cuts from spiky plants/sharp enemies(pants).
I prefer tights and pants over nothing at all. I guess I enjoy tights the best, but I what I think suits Link the best is the sort of pants that TP Link wears. They are still tight, but not like the leg-hugging things Link has to wear XD
Most of the time I don't really even care, as long as he has something on.
Pants, tights, kilt(sp?), doesn't really matter to me as long as he's wearing clothes. No need for Link to be a nudist. It's better if his legs are covered me thinks, but again it's not a big deal to me really. I think it mainly depends on what kind of look they give Link to begin with. Like whether it's cell shaded or a more realistic style like in TP. So far i think Nintendo has done a good job in the discernment of Link's clothing.
For definitely tights. The baggy pants of SS are just wrong. =( And bare legs are skeevy, especially when Link decides to go jumping through the air and, ahem, his tunic rides up. Does he need that short a tunic? No, he does not. He just wants to show off his freakishly good-looking figure. The worst part being, Link is more often than not (if not always) very underage.
But, uh, yeah. Tights. Pants under a tunic are a fashion no-no. ^_^ Leggings or tights, preferably off-white a la Twilight Princess.
I prefer tights if and only if they're the Twilight Princess version... The kind of shiny-white tights Link wore in games like Ocarina of Time don't do it for me. XD In TP, the tights look more like a mix between pants and tights.
I really can't stand to see him bare-legged lol. XD
personally, i like tights better than the other two options. link wearing pants just seems weird to me. AND FOR THE LOVE OF GOD, I HOPE HE'S NEVER BARE-LEGGED AGAIN!!! i find it deeply disturbing that the hero of my favorite franchise wouldn't wear ANYTHING to hid his you-know-what. i hope that after SS, link will go back to tights.