As Link, you'll be able to slash at enemies with the Master Sword, block projectiles and other nasty things with your shield, toss bombs to blow up blocks and enemies, and even fire an arrow off.
In the trailer Nintendo UK shared on Twitter, it basically looks like you're playing a side-scrolling old-school Legend of Zelda game and gives level makers a whole new set of abilities to design ridiculous puzzles for.
Nintendo announced today that a new update is scheduled to arrive in Super Mario Maker 2 on Thursday this week - the 5th of December. His new down thrust move with the sword will defeat usually protected enemies like spike-covered Spinies. Link's bombs also allow some walls that would normally be impassable by Mario and friends to be blown up and clear a new path.
Highlights include a new Spike enemy (that throws snowballs in the winter theme!), Pokey (who is customizable), a Frozen Coin, the P Block, a Dash Block (to help create an auto-runner theme) and the granddaddy of them all: the Master Sword. This lets you compete against the ghosts of other players, Super Meat Boy-style, against the clock for the best times. "During the event, players will be ranked by their play time in that course".