Not really in any order within the tiers
Bottom Tier has been abolished, there was no need for it :/
Top Tier:
Pit (Arrows are god, can combo well, can kill, reflects projectiles, fairly awesome recovery)
Toon Link (Combos, Kills, and he's everywhere at once, Hookshot canceling is awesome)
Falco (Epic projectile, can Combo well, FSmash and USmash kill, reflector is awesome)
Ice Climbers (Watch PaxZ videos)
High Tier:
Game and Watch (Just plain awesome)
Wolf (Combos, kills, can chainthrow [though it's hard])
Fox (Combos and killing)
Marth (He really hasn't changed much from melee...)
Snake (This Guy is everywhere and anywhere on the stage)
Lucas (Can Combo Fairly well, god recovery with Zap Jumping and PK Thunder, tether recovery and 2 spikes)
Luigi (Finally, Luigi's time to shine! This guys recovery is nuts, he's just overall better [lol pun])
Zelda (Heels are epic, Dins fire is epic)
Middle Tier:
Sonic (He's fast, but god **** he just feels wierd, he's unlike any character before him)
Samus (Missiles go boom, can rack up damage fairly easily... grapple canceling is the new missile canceling)
Peach (Still decent, not as good though)
Ike (Okay, he's just cool, kills early, CAN combo sometimes, side B is awesome)
Diddy Kong (Has trouble killing, but not so bad as metaknight, and can combo very well)
Metaknight (Can't kill)
Pokemon Trainer (You CANNOT play a pokemon alone, they are one character, use them that way)
Lucario (His killing moves are hard to get off, but he can combo well and has a good projectile)
DeDeDe (FSmash and USmash are pretty cool, fairly laggy, projectiles aren't so reliable)
Ness (Fairly balanced, nothing amazing...)
Pikachu (I've seen thunder kill snake, a fairly heavy character, from 17%)
Ganondorf (Can Still Combo with Tech Chasing, FTilt sends at ******** angles, and is kinda quick, Ganoncide is lol)
Olimar (Can combo and kill quite easily, racks up damage easily, tether recovery and being light sucks)
Mario (Not great... he's meh, haven't seen him put the hurt on people as much as Luigi...)
Sheik (Bah, not great)
Low Tier:
Kirby (Yeah okay, he's better, is he good? Naw)
Link (Better from melee, still sucks though)
Yoshi (Is there anything he CAN do)
Wario (He's okay in the air... but meh, don't see too much potential here)
Captain Falcon (Sorry, he kinda sucks now, s'a darn shame)
Donkey Kong (So he's better, still not great...)
ZSS (I see potential, but it's locked away somewhere)
ROB (Ehhh, he's not so good, god recovery and heavy, he has that going for him as well as a decent projectile, but no-one I know has had success with him)