Falco is the most uninteresting character to me. I recognize that despite the visual similarities, he and Fox play very differently and that is what the PMBR seemed to be going for. I'm somewhat bemused that Falco is more similar to Fox and Ganondorf to Captain Falcon than Mewtwo, an actual clone is to Lucario. I'd think the PMBR might take this opportunity to explore creative ways to evolve these character beyond Brawl, rather than reverting to Melee. The truth is, no matter how you might change Brawl veterans to match the Melee-revived playstyles of its characters, unless you actually port Brawl's characters into Melee, you're only moving forward beyond Brawl. As such, the likes of Lucario, Ike, Lucas, Olimar, and Wario—as they play in Project M—are closer to Smash 4 than they are Melee. There is no reversion.
I had hoped the Project M characters would take the best aspects of Melee and Brawl, hybridize them, then evolve them even further. Lucas' revamped PK Ice is a fine indicator of evolution, not melee-reversion. I severely doubt had Lucas been in Melee that he would play like he does in PM. As such, the PM roster is split between reverse-engineering pre-Brawl characters into their Melee incarnations (with some tweaks) and evolving Brawl newcomers beyond their limits in said game. It's like Project M is Brawl trying to travel backwards and forwards in time simultaneously. It's got an identity crisis!
Also, why does Jigglypuff still die upon breaking its shield. Way to go balance?
In conclusion: from a competitive standpoint, I totally understand why Fox and Falco play the way they do. They just... feel old.