It's far simpler to get access to the existing corpus of email than to get access to the incoming stream. For example, getting a couple of minutes of access to someone's system allows easy searching through their email. So, for the case where an attacker has access to old mail, but not to the stream of new, incoming, mail:
You are relying on the user either changing their password after they receive it (unlikely, given that you've told them what it is), or deleting (permanently, not archiving or moving to a 'trash' folder, also unlikely) the reminder message.
If this doesn't happen, then if I get access to the user's email account some time later, then a (limited time/limited use, perhaps even limited such that the attacker cannot easily use it) reset link is not going to be any use to me, but having the (most likely still valid) password certainly is.
In addition, by sending me the plain-text password, you are demonstrating that you have this stored somewhere accessible. In most cases, there is no need for this, because you don't need to encrypt the password (and salt/pepper), you only need to hash it. If it's encrypted, then anyone with access to the database and the decryption key (e.g. probably most of the staff, or anyone that steals the code along with the database) is able to get the plain-text password. If it's hashed, then you'd have to get it before the hashing takes place (e.g. during a login session).
Furthermore, although people shouldn't, it's very common to use the same password (or very similar passwords) on multiple sites. That means that rather than providing a way to get into only one account, you're providing a way to get into many.
For the other case, where the attacker has access to all incoming mail (potentially even the ability to remove incoming mail before the user sees it), neither of these are secure. The email account is high-risk, because if you have that sort of access, then you can likely go to every site that the user has an account with, and generate a password reset. To avoid this, you need to use something other than (or as well as) your email account to get access, such as two-factor authentication.
Note that even in the latter case, a reset link is still superior: if the attacker changes the user's password via a reset link, then when the user tries to log in, they'll find out that something is wrong (too late, but at least they know). If you're just providing the password, then the user has no idea that the attacker has silently gained access.