Metabutt is on the top of the tier list. That is because of the quantity and quality of the techniques he can use in any given situation.
Link is somewhere near the bottom. If he was in the same position as Metaspam he would have fewer or worse techniques available to him.
Here is an example situation.
Link/Metaspam is grabbed by falco at 0%. Link gets chaingrabbed across the stage and gets spiked off the edge. Links only options are to hold a bomb so he is blown out of the chaingrab, or to meteor cancel the spike with a jump.
Metabutts solution? He can't get chaingrabbed by falco.
I love that game its so addictive and fun i play it round my mates house i really wanna get it but its kinda expensive. My fav characters to play are link, pit, ike and snake.