Spent some time in debug mode figuring out the telehover thing. Here's what I've got:
-The teleport input
must go in during your first frame of airtime.
-You have to input a double jump within a four frame window before that. As best I can tell, this input
only works via tap jump.
-Teleporting horizontally will, as noted, generally end in a grounded teleport if the ground between your start and ending points is level. Training Room appears to be the only exception.
-Also as noted, you can airdodge out of the hover.
-You can only hover when teleporting from the ground. It doesn't appear to be possible from a platform. Teleporting between two platforms that are level with each other will autocancel though, which is neat.
So your frame data looks like this:
0-Standing, input jump
1-Jumpsquat
2-Jumpsquat, can input double jump
3-Jumpsquat, can input double jump
4-Jumpsquat, can input double jump
5- Jumpsquat, can input double jump
6-Airtime, input teleport
7-Teleport startup
Obviously whether this stays or goes is up to the PMDT, but I could see an argument for leaving it in. It's very situational, requires precise inputs, and there's an element of risk to using it in neutral because you're pretty much forced to use a ~17 degree input if you want to pressure your opponent - not a lot of mixup potential there and that's yet another degree of precision required. That puts you at head height vs a lot of opponents and above some of the shorter characters. On the other hand, horizontal inputs work just fine on YI, YS, Lylat, Kongo Jungle, and Metal Cavern if you're on high ground.
At any rate, I won't be surprised if they nerf it. Reddit's already having flashbacks to 3.02