His aerials are decent as opposed to great when you compare them to the other, better aerials in the game. Offhand, zelda and sonic have worse aerials than link and that is it (maybe ganon but he is a rapist, so maybe not, and Gdubs still has the Franklin the turtle which makes a good case on its own for him having better aerials than link, not to mention the improved Fair. Either way, even if Link has better aerials than both of them, he is ranked 5th from the bottom).
Lucas might be low on the aerials list, but there is a big jump from here to there. Lucas has a pretty good air game.
Sonic is also gimp king, so lack of aerial prowess is fine 80% of the time since he can just... well... kill you. <3 Sonic.
Link has the third best projectile game in the game (behind falco and arguably/probably Mario) which is depressing considering that he has three projectiles. Three. He just isn't nimble enough to make full use of them like Mario and Falco can. I'm not saying he is bad at it, he just isn't as good at it.
I also can't agree with the statement that the bow is fantastic at gimping. You still have to read when they will pass your line of sight, you do still need a little time to wind up, and most characters want to recover low anyway. It is there, it is possible, but it is not "fantastic".
Link is a better character than his previous incarnations, but that isn't saying much by itself. I am open to being proven wrong about his character, but from here it just doesn't seem like he is even out of the bottom 4 in the demo. The cast is just too solid. Somebody has to be of the worst, right? They don't have to be bad, they just aren't as good, which is what I am saying.