Here's my opinion:
Toon Link is great for movement. He has fast speed, huge jumps, and i think he is the floatiest character is the game. He has a spike and a boomerang that deals damage. What he lacks: Power, range.
Regular Link is great for getting kills. He is pretty heavy and has attacks that deal tons of damage with good knockback. He lacks a spike, but his power and projectiles more than make up for it. His boomerange, although it does not deal damage, CAN be put to good use. Mind games, stopping players, and dodging to name a few. He also has awesome range with his sword. What he lacks: Speed, jumps.
I like toon link better because he is my style: fast with good aerials. Just like metaknight. i don't hate link; in fact, he is #2 on my subspace team because of his durability and damage (metaknight is #1, toon link is #4). I like toon link better for 1-on-1s and Regular link better for 4-player matches.
I haven't played enough with either to get really good. But neither toon link nor regular link suck.