Do the forward B right after jumping (think roll-canceling from CvS2, and if you don't get the reference think jump-wavedash out of shine from Melee) and that'll cut the lag drastically.
This.
Seriously, if you do this, as long as you space it right, the phantasm is pretty much unpunishable.
Also, since you guys didn't go into it too deep, different ways you can use lasers:
Short hop double laser, both lasers high: If you expect them to jump or just want to scare them into being grounded, although if you're too close you could eat a running attack.
Short hop double laser, one high one low: Stops them if they short hop with the added incentive of hitting them if they try to rush you on the ground. Can also hit with both lasers if they're on a platform.
Short hop single laser: Doing a single laser rather than two has the benefit of giving you a tad more air control...since you can't move while firing a laser mid air anymore, you can move farther left/right before shooting a single. I also think its easier to shoot lower with just one laser, and as drew mentioned the "silent lasers" have pretty good frame advantage...I've silent laser'd right on someone's sheild before and the upsmashed them when they tried to grab me.
Running off the ledge, double jump back on double laser: Pretty much the best way to camp with lasers. As long as the stage is flat, you can easily make it so that both lasers will hit even the smallest opponent. And then, when your opponent rushes you, you have plenty of room to phantasm behind them, run to the other edge, rinse repeat.
Also, on camping with lasers: You can't really camp with lasers like the bird could in melee, people just run too fast and falco just doesn't laser fast enough. What I usually do is empty short hop alot whenever i think my opponent is going to approach...scare them into thinking that I'm going to run into them with a dair, and then instead just short hop backwards and silent laser.
About smashes...
Falco's fsmash is pretty good...great range and good knockback. However, it does have pretty bad start up/cool down lag, so its a bit hard to hit good people with, and if you whiff at all you can expect to get punished. It also has a sweetspot more towards the middle of his arms, so if you do hit at the max range it rarely has killing potential.
Upsmash is amazing. Boost upsmash for a little extra range can sometimes suprise people, especially if they're trying to rush in. Probably falco's best kill move, with its good KO power and speed.
Downsmash is still pretty good. Comes out really fast, so it can be used for tech chasing similarly to melee. Its KO power isn't as good as up or forward smash though, so i tend to use it more for racking up damage than actually getting kills.
Falco's ftilt is also pretty amazing. Good range, good speed, and decent damage/knockback. Silent laser -> ftilt works pretty well...even if they shield both, its rare for them to be able to punish it. Tilting the ftilt down can catch people on the edge/double jumping up to the edge, and tilting it up can slap people out of shorthop approaches.
The bird's air game is pretty good. The first hits of a nair can link to uptilt, even upsmash at higher percents. RAR bair is a pretty safe aerial poke. Dair is a relatively safe approach, as long as you do the dair immediately and pull back.
Upair is a decent finisher...and if you set up for it and your opponent airdodges/double jumps out of it, falco still has time to chase with a bair.
I just have to reiterate how amazing falco's chaingrab is. Seriously, its amazing. And not hard to do.
On characters like snake, its a pretty easy 0-death. He goes almost nowhere, so its easy to get the maximum grabs before the dair. After dair'ing, falco just has to sit on the stage and wait. If snake comes to close, cypher grab/grab him and do nothing, hes dead. If he pulls back, falco can run/jump out and then double jump dair. A quick death like this is especially a very bad thing for snake, who relies on getting to super high percents before even considering dying.
Pokemon trainer gets absolutely manhandled by the CG. You'd think that squirtle wouldn't be able to get CG'd that bad since hes light, but its quite the contrary. I don't think that squirtle can make it back to the edge if you get all the grabs possible, so its just an easy edge hog for a quick kill. Ivysaur gets trashed too...super easy to CG, and then his tether recovery makes it ridiculously easy to edgehog. Charizard can be chaingrabbed for a long time, too, since he's so heavy.
Olimar gets gimped by the chaingrab, but only if you space the first grab right. Olimar goes pretty far after a dthrow, so to get the max grabs in you have to be a ways away from the edge. If done right though, Olimar's toast.
Dedede and Dk have got it kinda rough with falco's CG, the bird can literally chaingrab them all the way across battlefield. Dedede is likely to make it back because of his good recovery, but with Dk falco can just grab the ledge and then ledge hop dair for the finish.
Characters that falco can't chaingrab: Jigglypuff, peach, samus, lucario, kirby, and luigi. (And maybe rob too?)
The bird can still get two regrabs off of a 0% dthrow though...the third grab just has to be a walking grab (not 100% sure about this, but i've gotten it to work on jigglypuff consistantly). And then its a nair/dair for more combos, so even these characters can still get wrecked by being grabbed.
Metaknight and G&W can both be chaingrabbed pretty well, but due to their ridiculous recovery its pretty much impossible to 0-death them.
Also, marth and sonic can both upB out if falco doesn't time the regrabs
perfectly. Sonic's upB isn't too bad, but eating a marth's upB right in your face isn't too happy.
And once again, against a lot of characters you can reverse boost grab (
http://www.youtube.com/watch?v=i_6i7SEQPWs) to turn your chaingrab around.
Overall: Falco has a solid air game, lasers to back it up, and an amazing chaingrab on almost all of the cast. I think that once people start picking him up and giving him the time he needs, the bird is going to start wrecking all of the snakes and metaknights.