Sure, he's smaller then Link and doesn't pack quite as large a punch...but man, I gotta say that Toon Link plays better overall then normal Link. For starters, Toon Link can actually jump and recover fairly well, much better then normal Link can. He's faster and overall better at dodging, which means he will be a better choice for pros in the long run. His attacks are not quite as strong as normal Links, but once you get good enough, the difference is barely noticable. His range is also a bit lower then Normal Links, but it hasn't really bothered me as much. Yes, you are light as Toon Link, but as I said before, that speed gives you a greater dodging ability.
So, in the end, I think Toon Link is much better then Link. Though, I may be wrong

. What do you think?