Me and my friends play with smooth lander and let me tell you it is a real deal. Not gamebreaking buf deffnly a noticeable and I dare say, welcomed change. Offensive game really gets a boost while still not really discouraging the defensive tools and maneuvers the game offers.
As for us, we have optimized it to the point that we have +3 str, +1 def and +7 spd. We havent felt a noticeable change in characters mechanics (damage, KB, etc) outside the obvious landing lag reduction. I am no Melee pro and I kind of disliked the idea of turning brawl into Melee with PM but I tell you, it feels gooooood...
Matches are really fluent. Most matches were with 3 stocks and they lasted between 5:30 and 3 minutes. When someone went offensive it was really intense because of their new safe options so neutral game also gained value with this. I´ll try to share our replays as soon as my friend uploads them.
Overall, more than ever, I emphazise we should give smooth landing a shot. It IS worth a damn.