First up, good job. I like the simple one-color effect, and the simplicity of how link is made using no shading, no detail lines, and yet I can still almost feel some emotion from looking at his face. Kind of an angry, I-Want-To-Kill-This-Creature look. The three pixel hearts is a nice touch, but the bright red draws my eyes away from link and towards them. Anatomy looks good, nothing really out of place. Your mind connects the limbs that seem like their floating because of the solid green, so it's not confusing. The sword and the green, however, are quite dull. Just brighten those up a bit maybe, but not so much that it conflicts with the brown, grays, and yellow. Again, good job on the simplicity, I counted about 13 colors but yet it still fills the screen without causing any blocky sections of link.
Great job, I would love to see a Mario done in this fashion [If your up to it], and you get some respect.