Okay, so maybe I went a little overboard with the editing...on to the C+C I suppose.
First off, I want to say that since you stated it was Ordon Link, I used
this image as reference, disregarding stylistic choices. In your last topic, you made another Link sprite, and you said you preferred making him a little bulkier, so I'm not sure if that translates to this one too.
I felt the hair needed to be altered dramatically in order to make it more like the reference, so I did just that (I'd argue it also looks a tad less gritty, too.) Notice how his bangs extend past the sides of his face, and his sideburns grow down to about his shoulder.
Link's facial features are fine in most of his modern appearances (certainly in TP) so I slimmed his face and neck down and messed with his face a little. I think he's the kind of character that seems perpetually angry, so I slapped some eyebrows there too.
The shoulderline seems too high, and his shoulders do not seem to be very well defined. On the topic of the arms, they should become slimmer as they converge into the hands. I think you were marking the bicep a little too high, too. The shoulder cloth seemed to be glued to his body, which requires some subtle pixel manipulation at the corners (where the cloth ends and the skin or cloth underneath start) to make them seem more like they're overlapping the other parts. The reference also suggests the collar is much wider.
From what I can see, you struggle a bit with clothing and the way the folding behaves. I found
this link around the forums, originally posted by Sengir (I believe), which you might find useful for that. Generally, in your sprite, the cloth seems relaxed despite the lines suggesting it should be strained, and in the case of the pants, they kind of go the wrong ways.
Finally, I added some of the details you omitted (not sure if you intended to omit them or found them too troublesome to add) reangled the feet, and tweaked the hands. About the colors, they are generally good, though I think the blue, could be a somewhat more saturated. The greens could use some hue shifting, particularly in the darker colors (I changed one of the shades for the sake of contrast). I must admit though, it puzzles me that you went through the trouble of using two hues of green, but didn't bother setting apart a color or two for the orange sash. Unfortunately, those browns don't quite do the trick...
Well, guess that's it for now!