Ivy is good now? That's interesting...
Cfal is still a very dangerous and powerful character. All of his famous combos from Melee are intact, but this time around there are more mid and heavyweights for him to go to town on. I personally think that a lot of Cfal's success depends of the character he is playing against, and since Project M has a lot of characters that are really susceptible to stuff like Uair Uair Knee and Dthrow tech chases, Cfal is still safely in the mid to high tier category.
That being said, there are also a lot of characters that will really make life as a Cfal main hard. Old problems like Jigglypuff are still around, and newcomers like Metaknight and Pit are equipped with all the tools to really gimp Cfal hard. His recovery, while definitely buffed, is still subpar, and that makes some MUs really hard.
Going back to his strengths, Cfal's deadly speed is something that can be abused against the wealth of slower characters that PM offers. You ncan really run around people like Bowser, Ike, and Ivy, and since his throw game is so fantastic you can capitalize on your speed no matter the opponent. Additionally, a lot of the new stages really work in Cfal's favor. WarioWare, Smashville, and Halberd are all stages with small walls, which means more quick Knee kills. There are also more stages with walls, which definitely helps his recovery and his offense. However, places like Castlevania and Metal Cavern, which have huge walls, can really be a problem when you are trying to get a kill.
Overall I say Cfal has retained his mid-high tier status. He can compete with virtually any character by virtue of his really strong strengths, but the new environment of PM makes it so you really have to pay attention to your opponents and the stages they choose.