The thing about removing gameplay functionality is that you remove options. When you remove options, every individual advantage matters far more than it would have in, say, Melee. Due to the removal of things like dash-canceling, groundspeed isn't a huge concern here as it was in Melee, but at the same time, ground-based approaches are severely limited: if you approach on the ground, all your opponent has to do is shield, and he has the advantage. It's that simple. Combos, especially out of grabs, have been largely eliminated, so even characters with overall good movesets aren't at a particular advantage. You don't need good moves; you need one good move with killing power. Forget that nonsense you've read about how weakening damage and knockback over time will create hidden depth and combos; it simply isn't true. You need one spammable, powerful attack.
The defining factor in Brawl is range. Since most characters have similar attack speeds, it comes down to reach, especially now that priority has largely been eliminated. And there are definitely characters with huge range advantages: Marth, MetaKnight, Olimar, and maybe even ROB.
You guys may think the game is more balanced based on the fact that the mediocre characters all perform essentially the same against each other. That's because they've all been brought to the lowest common denominator. In that sense, you might say the game is more balanced that Melee *on average.* But then, you ignore the huge, insurmountable gap between the top tier characters and ABSOLUTELY EVERYONE ELSE. There won't be any random character counters, like Link doing well against Marth and Peach. The worse characters in this game are vastly worse. If you thought Fox and Marth were annoyingly overpowered in Melee, wait until a year from now, when everyone is playing Marth and MetaKnight. I'm telling you now: it's going to happen. It's unavoidable.
For random, casual play, I'd say the game is more balanced. But for competitive play, it's completely destroyed. There's no room for a player's individual skill to balance his character's weaknesses. You don't have the options to get around Marth's advantages.