diff --git a/wp-admin/includes/schema.php b/wp-admin/includes/schema.php
index 9d33f0e009..72157c41e8 100644
--- a/wp-admin/includes/schema.php
+++ b/wp-admin/includes/schema.php
@@ -481,6 +481,9 @@ function populate_options() {
 
 	// 3.1
 	'default_post_format' => 0,
+
+	// 3.5
+	'link_manager_enabled' => 0,
 	);
 
 	// 3.3
diff --git a/wp-admin/includes/upgrade.php b/wp-admin/includes/upgrade.php
index aac4e70f8c..06273b0175 100644
--- a/wp-admin/includes/upgrade.php
+++ b/wp-admin/includes/upgrade.php
@@ -399,6 +399,9 @@ function upgrade_all() {
 	if ( $wp_current_db_version < 20080 )
 		upgrade_340();
 
+	if ( $wp_current_db_version < 21501 )
+		upgrade_350();
+
 	maybe_disable_automattic_widgets();
 
 	update_option( 'db_version', $wp_db_version );
@@ -1181,6 +1184,18 @@ function upgrade_340() {
 	}
 }
 
+/**
+ * Execute changes made in WordPress 3.5.
+ *
+ * @since 3.5.0
+ */
+function upgrade_350() {
+	global $wp_current_db_version, $wpdb;
+
+	if ( $wp_current_db_version < 21501 && $wpdb->get_var( "SELECT link_id FROM $wpdb->links LIMIT 1" ) )
+		update_option( 'link_manager_enabled', 1 ); // Previously set to 0 by populate_options()
+}
+
 /**
  * Execute network level changes
  *
diff --git a/wp-admin/network/users.php b/wp-admin/network/users.php
index 1d16fbbd4e..1318355448 100644
--- a/wp-admin/network/users.php
+++ b/wp-admin/network/users.php
@@ -24,7 +24,7 @@ function confirm_delete_users( $users ) {
 	screen_icon();
 	?>
 	<h2><?php esc_html_e( 'Users' ); ?></h2>
-	<p><?php _e( 'Transfer or delete posts and links before deleting users.' ); ?></p>
+	<p><?php _e( 'Transfer or delete posts before deleting users.' ); ?></p>
 	<form action="users.php?action=dodelete" method="post">
 	<input type="hidden" name="dodelete" />
 	<?php
@@ -47,7 +47,7 @@ function confirm_delete_users( $users ) {
 
 			if ( !empty( $blogs ) ) {
 				?>
-				<br /><fieldset><p><legend><?php printf( __( "What should be done with posts and links owned by <em>%s</em>?" ), $delete_user->user_login ); ?></legend></p>
+				<br /><fieldset><p><legend><?php printf( __( "What should be done with posts owned by <em>%s</em>?" ), $delete_user->user_login ); ?></legend></p>
 				<?php
 				foreach ( (array) $blogs as $key => $details ) {
 					$blog_users = get_users( array( 'blog_id' => $details->userblog_id ) );
@@ -67,9 +67,9 @@ function confirm_delete_users( $users ) {
 						<ul style="list-style:none;">
 							<li><?php printf( __( 'Site: %s' ), $user_site ); ?></li>
 							<li><label><input type="radio" id="delete_option0" name="delete[<?php echo $details->userblog_id . '][' . $delete_user->ID ?>]" value="delete" checked="checked" />
-							<?php _e( 'Delete all posts and links.' ); ?></label></li>
+							<?php _e( 'Delete all posts.' ); ?></label></li>
 							<li><label><input type="radio" id="delete_option1" name="delete[<?php echo $details->userblog_id . '][' . $delete_user->ID ?>]" value="reassign" />
-							<?php echo __( 'Attribute all posts and links to:' ) . '</label>' . $user_dropdown; ?></li>
+							<?php echo __( 'Attribute all posts to:' ) . '</label>' . $user_dropdown; ?></li>
 						</ul>
 						<?php
 					}
diff --git a/wp-admin/options-writing.php b/wp-admin/options-writing.php
index fdf3a08f78..cf8439873d 100644
--- a/wp-admin/options-writing.php
+++ b/wp-admin/options-writing.php
@@ -107,7 +107,10 @@ if ( current_theme_supports( 'post-formats' ) ) :
 	</select>
 </td>
 </tr>
-<?php endif; endif; ?>
+<?php endif; endif;
+
+if ( get_option( 'link_manager_enabled' ) ) :
+?>
 <tr valign="top">
 <th scope="row"><label for="default_link_category"><?php _e('Default Link Category') ?></label></th>
 <td>
@@ -116,6 +119,8 @@ wp_dropdown_categories(array('hide_empty' => 0, 'name' => 'default_link_category
 ?>
 </td>
 </tr>
+<?php endif; ?>
+
 <?php do_settings_fields('writing', 'default'); ?>
 </table>
 
diff --git a/wp-admin/users.php b/wp-admin/users.php
index 47faacfcb6..b41f0fb777 100644
--- a/wp-admin/users.php
+++ b/wp-admin/users.php
@@ -212,12 +212,12 @@ case 'delete':
 	?>
 	</ul>
 <?php if ( $go_delete ) : ?>
-	<fieldset><p><legend><?php echo _n( 'What should be done with posts and links owned by this user?', 'What should be done with posts and links owned by these users?', $go_delete ); ?></legend></p>
+	<fieldset><p><legend><?php echo _n( 'What should be done with posts owned by this user?', 'What should be done with posts owned by these users?', $go_delete ); ?></legend></p>
 	<ul style="list-style:none;">
 		<li><label><input type="radio" id="delete_option0" name="delete_option" value="delete" checked="checked" />
-		<?php _e('Delete all posts and links.'); ?></label></li>
+		<?php _e('Delete all posts.'); ?></label></li>
 		<li><input type="radio" id="delete_option1" name="delete_option" value="reassign" />
-		<?php echo '<label for="delete_option1">'.__('Attribute all posts and links to:').'</label>';
+		<?php echo '<label for="delete_option1">'.__('Attribute all posts to:').'</label>';
 		wp_dropdown_users( array( 'name' => 'reassign_user', 'exclude' => array_diff( $userids, array($current_user->ID) ) ) ); ?></li>
 	</ul></fieldset>
 	<input type="hidden" name="action" value="dodelete" />
diff --git a/wp-includes/capabilities.php b/wp-includes/capabilities.php
index 4459f467cc..293fba2c99 100644
--- a/wp-includes/capabilities.php
+++ b/wp-includes/capabilities.php
@@ -1226,6 +1226,12 @@ function map_meta_cap( $cap, $user_id ) {
 		else
 			$caps[] = 'do_not_allow';
 		break;
+	case 'manage_links' :
+		if ( get_option( 'link_manager_enabled' ) )
+			$caps[] = $cap;
+		else
+			$caps[] = 'do_not_allow';
+		break;
 	default:
 		// Handle meta capabilities for custom post types.
 		$post_type_meta_caps = _post_type_meta_capabilities();
diff --git a/wp-includes/default-widgets.php b/wp-includes/default-widgets.php
index e4856dac68..d52574f80d 100644
--- a/wp-includes/default-widgets.php
+++ b/wp-includes/default-widgets.php
@@ -1158,7 +1158,8 @@ function wp_widgets_init() {
 
 	register_widget('WP_Widget_Archives');
 
-	register_widget('WP_Widget_Links');
+	if ( get_option( 'link_manager_enabled' ) )
+		register_widget('WP_Widget_Links');
 
 	register_widget('WP_Widget_Meta');
 
diff --git a/wp-includes/taxonomy.php b/wp-includes/taxonomy.php
index 8ea976ffac..61573dd00b 100644
--- a/wp-includes/taxonomy.php
+++ b/wp-includes/taxonomy.php
@@ -89,6 +89,12 @@ function create_initial_taxonomies() {
 			'add_or_remove_items' => null,
 			'choose_from_most_used' => null,
 		),
+		'capabilities' => array(
+			'manage_terms' => 'manage_links',
+			'edit_terms'   => 'manage_links',
+			'delete_terms' => 'manage_links',
+			'assign_terms' => 'manage_links',
+		),
 		'query_var' => false,
 		'rewrite' => false,
 		'public' => false,
diff --git a/wp-includes/version.php b/wp-includes/version.php
index f8cbc0782e..bb95e85ba4 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -11,7 +11,7 @@ $wp_version = '3.5-alpha-21499';
  *
  * @global int $wp_db_version
  */
-$wp_db_version = 20596;
+$wp_db_version = 21501;
 
 /**
  * Holds the TinyMCE version