From the looks of things, Snake looks like he has some bad moves. He's slow, but if Lag C's are still in, this won't be much of a problem. A little charging swift kick and some electric powers seem to help. Still looks D:
Metaknight looks like the obvious bad ass with his crazy A combos. The game looks much more combo oriented as well, not to mention characters where making MAJOR use of short hops, proving that the things we love have a good chance of staying int he game.
WARIO LOOKS EPIC. Everything from the run, to the attacks is great. He seems to have good knockback as well, which will make him a favorite of mine. Not to mention the expected fast falling of a fatty.