I am using Jdev12c.
So my application uses Fusion.desktop skin and it seems we can not change the color of Link component when using this skin. I verified this at: http://jdevadf.oracle.com/adf-richclient-demo/faces/components/link.jspx. Change the skin type to any of Fusion skin and change Inline style to, say "color:Fuchsia; font-size:x-large;" You will notice font size of the title of the page changes but not the color.
Is this because fusion skin standardizes the color of link? Is there any better way to achieve link with Black/White Color? CommandLink component is deprecated.