I'll try and split up my feedback into two groups, one being the human side of things, and the other being the computer side of things.
Not-game-related-stuff
You have the wonderful benefit of having a dedicated army of nerds who want to contribute and help as much as they can. What I propose is to task someone with the job of delegating "content" that is deemed important. Things like Frame Data Threads, AT tutorial videos, or generally anything that is considered low on the PMBR priority list. These are easily accomplished by the legion, and if there was a to-do list for the community, I think everyone would jump on the opportunity to chip in. While many people might not know how to collect frame data, it only takes a few with nothing else on their plate to start dumping that information.
Decide what you don't want to do, but still think are good ideas, and let us help
As someone who idles in the IRC room, I would also recommend making your download page absolutely ****** proof. Like, add pictures. Big pictures. The amount of noobins who hear about this game brings a smile to my face, but when faced with how few of them seem to be able to download and run a file, it seems like there may be an audience we need to cater to.
Not everyone involved in the project needs to be in the operating room, having a few more people dedicated to marketing and managing could really make your lives easier and facilitate production.
Otherwise, I think you guys do a fantastic job managing the project. I dont know how much releases are based off of separate members finishing and sending in their content, but you guys are doing a great job of completing content. Considering the amount of bugs that are usually found in the beta process, you guys are quite thorough. The aesthetic changes and functions (stagestriker, crew mode, etc) are awesome, and it's great you guys are starting to figure out the guts to be able to change these things. I would suggest polishing them up a little bit, making them a little easier to navigate, but I'm sure that is already in the works. Very awesome game and I do everything I can to endorse it to all the smashers I meet.
the-technical-game-stuff
You guys are providing us with new and exciting content for a game that was otherwise stagnant in regards to metagame. Melee had reached a point in evolution where execution outweighed new and creative play to separate players. While not inherently the worst thing, it makes the game progressively harder to approach as time continues and new players simply cannot compete by using new methods. PM fixes this by providing new playstyles and changing the game in order to shake up the sediment settled at the bottom of lake Melee. Bowser, for example, is now different, instead of worse. Creating new mechanics and changing the formality of the game is what Melee desperately needed, despite many diehards who simply fear or reject change. Don't worry about the people who have played Fox only FD only for 10 years and don't want to play PM, they probably eat the same cereal everyday. New generation of play is always the stronger choice.
Most consistent patches: I understand why it is not practical to put out more and more updates, and that having too many versions would make it harder for the community to stay on the same page. Not an actual complaint, I agree with the reasons for it, but i just wish it was an option for you, because I know how much of a boon it is for balancing a game to be able to make constant tweaks. Sympathetic D:
I actually have no complaints about the way the game is put together, I am quite happy to explore and play the game you have made, and have no intentions of complaining about a game that doesn't exist. I just have to put on my big boy pants when something doesn't go my way, and try something else. It's called getting better, and I love the challenge you've provided with a game that boasts a high skill ceiling, and my learning curve has been steady and rewarding. I have not plateaued, and my play noticeably suffers when I am not constantly focused. There are many dense concepts in smash that are required to play at a high level, and weaving it all together has been intense mental exercise. I am impressed by the content you have published, I can't imagine it is any short order to put this game together with the tools and time available.
Commendations and kudos to Dantarian and the developers, and here's to all the hype we can generate!