We study the link overlap between two replicas of an Ising spin glass in th
ree dimensions using the Migdal-Kadanoff approximation and scaling argument
s based on the droplet picture. For moderate system sizes, the distribution
of the link overlap shows the asymmetric shape and large sample-to-sample
variations found in Monte-Carlo simulations and usually attributed to repli
ca symmetry breaking. However, the scaling of the width of the distribution
, and the link overlap in the presence of a weak coupling between the two r
eplicas are in agreement with the droplet picture. We also discuss why it i
s impossible to see the asymptotic droplet-like behaviour for moderate syst
em sizes and temperatures not too far below the critical temperature.