I think, in the Megaman (and probably many zoner MUs) that saving limit unless you *know* it will hit is the optimal way to play. Sure, random reads and traps are good for damage, but they often do partial damage if you get hit with the lingering one, while Cloud with more mobility is just... always better. Followups, recovering, defense, offense... AND, since he has LCS on deck you have to be way more respectful, which has an intangible impact on the game in a great way. As bc said, he is a top tier and he is hard to fight, this is a big reason why. His 'thing' happens every game, he can exert pressure by standing near (slightly weak shield -> LCS time! Though rolling can happen, i'd wait to see it consistently before I call it a viable punish), and counterplay is difficult, and he is a good character anyways and blah blah blah, we all know why Cloud is good.
BUT, he doesn't have particularly good buttons for pellets/leaf shield / defensive shielding / perfect shielding (A huge one ! Learn this!). I think he is much like ZSS honestly, for different reasons. Counterplay can make it hard for him to land any damage, and throws... meh. BUT, limit! Charging limit is scary. But the question for us to figure out in each MU, is do you approach to stifle the limit? Megaman just plucks pellets and projectiles at him, his question is always answered on how to handle Cloud and Cloud must approach.
Also something new we see Kamemushi, Scatt, and others doing.... metal blade to cover ledge options. It hits centre-out, so getting hit in your back can stage spike you.
Leafstool is having a leaf shield active, and hitting a leaf -> footstool, which is assisted by the fact their animation stops when they get hit with each leaf so unless they are mashing a button (bad for Cloud anyways) its hard to avoid.
Just clarifying some stuff if anyone didn't know.
Pivot ftilt -> 3 pellets is an amazing retreat option against short hops, and while you must give up space, you have chances to string the pellet hits into nair (which helps both knocking them away and shield safety!). THIS is why having a good ground poke is great vs Megaman, since shielding this retreat makes him lose space... but he can do it alooooot vs Cloud, safely, as Cloud awkwardly attempts a SH approach. The only thing keeping it even is Cloud's insane reward, which makes up for hitting this sequence approximately ~20 times... oof. So, its pretty easy to keep limit Cloud out, but having the threat of LCS changes everything. This is where I believe M2k is playing the MU wrong, though the attempted gimps are probably worth it, other LCS hits aren't unless they are assured, and he likes to go for them.