Tiers, take II. I posted edition one about 30 pages back and made some changes based on suggestions.
Top Tier
Snake – No one's arguing this.
Meta-Knight – See above.
Marth – He's just as great as he was in Melee. What he now lacks in speed he makes up for in power.
Mr. Game and Watch – Improved recovery, improved killing power, faster, better shield. G-Dub makes up for his sloppy performance last time around.
Falco – One of the most effective projectile spams, even though it can be ducked by a few characters. His new reflector is both good and bad for him, but it helps eliminate choices for approaching characters. His recovery is no longer terrible since no one falls as fast.
ROB – Good projectiles but they must be charged so he can't spam that effectively. Some of his moves come out fairly slowly, especially some aerials. His recovery, however, is godly and allows him to WOP. A great counter for many characters.
High Tier
Pikachu – His usmash was nerfed, but d-smash stabs shields, racks up damage, and sends the opponent up for a thunder, which was also buffed. His projectile is still very useful on many stages, sideB for recovery now reflects many projectiles, and upB sweetspots almost instantly, not to mention that it can cancel off the ground. His aerials seem a bit less useful though.
Toon Link – Good at linking attacks and great at camping with what's likely the best projectile spam in the game. He’s fast and still has KO power, but he's really quick to die and his recovery and grabs are lackluster.
Wolf – His blaster is pretty annoying, he’s powerful with not that big of a speed loss, and his multi-hit attacks lessen the loss in damage for spammed moves. However, he’s the fastest faller in the game and has a poor recovery that doesn’t even sweetspot the edge.
Ice Climbers – Chain grabs are still just as good. The AI also works much better on Nana, so she doesn’t die as easily. Plus, both Climbers can now grab the edge. IC’s are very strong for such light characters, and Popo can survive by himself more easily now.
Luigi – His recovery is vastly improved with the Luigi Tornado, making his slightly odd combination of sideB and upB more doable. His fireballs take longer to come out but most of his moves have little to no windup lag. However, his floaty nature makes him somewhat hard to control.
King Dedede – Chain grabs again, plus annoying Waddle Dees. He's the hardest character to kill, since he's heavy, he has multiple jumps, and his upB goes very high. His stronger, slower moves are balanced by his disjoint and quick tilts. However, many faster characters can destroy him since he doesn’t have a great defensive strategy.
Bowser – His tilts are actually pretty fast, especially for a slow character. Whirling Fortress still works wonders on light characters that happen to be annoying him. Bowserciding is always an easy-to-pull-off strategy should he find himself in a tough situation or one stock up.
Kirby – Buffed hardcore. He lost his Kirbycide throws, but his aerial hammer is much better and he can still inhale to kill himself or stick his opponent underneath the stage. No projectile, but he can steal his opponent's to cancel it out. Lightweight, but with a good recovery.
Mid Tier
Wario – He’s a very unpredictable character, despite the fact that he’s a dork. His recovery, while it takes forever and is fairly gimpable, is still great. He also lasts forever, and he’s been dominating tournaments.
Donkey Kong – Much like Bowser, he's improved in most aspects. His range is still great, his speed has been upped, and DK-cides are always an option, as are cargo throws. It’s a bit of overkill with a billion spikes, and his vertical recovery is still garbage, but he’s better off than he was last time.
Lucario – This guy has pretty good range on most of his attacks, and a decent projectile even when it's not charged. His pseudo-SHUFFL is always a good thing, and his damage multipliers really help him against characters with lower KO power.
Pit – He has some odd tilts and smashes, but performs pretty well in close range. His projectile is very irritating but does pretty lackluster damage. His recovery is decent when used correctly but can be cancelled fairly easily.
Zelda – Din’s Fire can juggle and is overall a great projectile for edgeguarding, as it forces opponents to airdodge or get *****. Her smashes and aerials have been buffed, and she has a lot of great matchups. However, she’s still light and her recovery is predictable.
Olimar - People were really afraid of this guy early on, but he's so light and his recovery is so awful that there's little to worry about. He annhilates heavy or large characters but can't do a thing about anyone faster than him.
Fox – Not as good as he used to be, but you don't see many people crying about it. He definitely has been nerfed in many respects, but he still has his place to shine.
Diddy Kong – He’s fast and banana-ful, but his recovery must be charged, which is bad against good spikers, especially since he’s so light. His projectile is pretty bad, and 'naners can be used against him. Not as great as people thought initially.
Zero Suit Samus – She’s good in a lot of respects, but her recovery is gimpable even with her third jump, plus her projectile is pretty crappy. Her smash attacks seem gimmicky, and lots of moves are pretty pointless. Good range and fast, but extremely weak and her recovery doesn’t help.
Lucas – Great projectile spam, great edgeguarding with upB, a somewhat gimpable recovery, creepy magnet tricks. He would be in high tier, but he gets chaingrabbed. He might end up even lower.
Yoshi – Better than last time, admit it. His recovery is definitely helped by his newer upB, and his eggs seem to be more useful this time around. The loss of DJC actually helps him in many cases.However, he's still not good enough to get higher than bottom of mid tier.
Low Tier
Mario - Cape isn't as good, FLUDD is on the verge of useless, he can't KO that well. He is slightly redeemed by his ledgeguarding and good approach. He’s not speedy but certainly not slow. Being the all-around character just doesn’t seem to be good enough.
Pokemon Trainer – His Pokemon don't balance out that well, and excel in different parts of the game while severely lacking in others. The fatigue system ends up screwing him over when he has to switch to get a KO. Fun to use, but not that great.
Ike – He’s powerful but very slow. The fact that he was popular very early on makes people know exactly how to beat him. Almost anyone faster than him can beat him easily.
Sonic - Fast runner, slow attacks. Something's wrong here. He does have a good approach, and he can move around the stage incredibly quickly. His recovery is good, but it’s somewhat gimpable. Only people who are willing to put in lots of time should bother with this guy.
Samus – Nerfed. Her smash attacks aren't as good and her missile seems slower. Her spike is still hard to hit with, and she doesn’t have a great way to deal with opponents above her.
Sheik – Triple-nerf. She has very little of what she had back in Melee, so people can find a new most annoying character now. How the mighty have fallen.
Link – This guy just doesn’t deserve to be this bad. Somewhat powerful, but his sluggishness makes him much less playable. His boomerang doesn’t hit on the way back, his arrows don’t go as far as Toon Link’s, and his horizontal recovery is pretty bad.
Ness - He gets chaingrabbed even worse than Lucas, and has fewer redeeming qualities. Although he has a few good matchups, he isn’t much better than he was in Melee. Shame.
Peach - Nothing compared to what she once was. D-smash isn’t that good, and recovery seems nerfed. She retains her lightness and is KO’ed extremely easily.
Bottom Tier
Jigglypuff - Nerfed hard. Rest doesn't kill as early, WOP isn't as impressive since more characters can do it now, plus where most characters die at higher percentages in this game, Jiggz just seemed to stay at the same pitiful death rate.
Ganondorf – He runs slower, attacks slower, and recovers just as badly as he did in Melee. Ganoncide is his only improvement, everything else has gotten way worse.
Captain Falcon - Captain Falcon can't do much of anything this time around. Poor approach, lackluster recovery, no killer knee... he's got it bad. He also rounds out the fact that the bottom tier is made up of Melee’s high tier.
Suggestions are appreciated.