To add a bit more of a constructive argument...
Does anyone feel that wavedashing creates a "barrier to entry" of sorts concerning competitive smash play? The sheer difficulty of learning the nuances has probably prevented many-a-smasher from engaging in tournaments etc.
Now most of you will probably say "if they don't practice to learn the tech, then screw em....we don't want them anyway"
Having a technical limit that more democratizes competition might not be a bad thing for the smash community. If the technical difficulty of the game decreases, the need for intangible skills (mind games) become more prevalent.
That can't be all bad right? Anyone remember Street Fighter 2 Turbo. Technically not on par with the highest levels of smash (save for Guile's corner combos), but still a great f'n game...
I think chester's point has merit. It has always seemed to me that a
lot of casual smash players (casual players themselves accounting for the vast majority of all smash players) are drawn to the game because it is different from most more standard fighting games in not seeming to require complicated series of button presses or lightning fast frame perfect fingering. Smash's low to mid-level game is relatively easy for people to pick up compared to that of most fighting games. Doing a move is as simple as pressing a certain direction and pressing one button. Compare that to stuff from fighting games like 376231,A+B (kudos to anyone who recognizes that without looking it up, btw).
The appeal is ease of use. Does the ease of use necessarily make the game less deep than other fighting games' low to mid-level fights? I don't believe so. It simply becomes more of a question of whether you can
choose the best move for the situation rather than whether you can
execute the best move for the situation. But if you have a situation (like in Smash's high level game) where whether or not you're able to consistently pull of specific fingerings at will can give you a significant advantage or disadvantage, the game becomes less about whether you can out think your opponent.
This creates the "barrier" that chester mentioned, a barrier that keeps many people who otherwise could play very competitively from entering and enriching that whole scene. Why don't these people just learn, you ask? I suspect that for a lot of these people the idea of a game that's about those kinds of skills rather than out thinking your opponent simply doesn't appeal to them.
Now consider that a lot of advanced techniques are becoming more and more widely known and associated with Smash. I suspect that a lot of potential casual smash players hear about things like wavedashing or L-canceling and get turned off to the game. It makes it seem like it offers less in distinction from more standard fighting games. For most people Smash respresents a very unique experience that you can't get anywhere else, and any move towards a more advanced-techniques-centric game is a move away from one of the things that makes Smash unique and appealing for the masses.
So, to summarize my past few paragraphs, the benefits of dropping fingering focused advanced techniques like wavedashing or L-canceling from Brawl are that it would potentially allow more people to enter and enhance the competitive scene, that it would potentially draw more people to the game in general, and that it would make the game more dependent on outsmarting your opponent. Now given, I still don't think it's likely that this would happen given the transition from SSB64 to Melee, but there
are merits to the idea of leaving these things out.
I'll leave you with one final thought. There are plenty of games out there that appeal to a small niche of hardcore players, but very few that have the widespread appeal that makes Smash great.
Edit: @psicicle, I also agree with chester on this point.
If wavedashing is taken out of the game, the game will still be incredibly fun and deep....an ancillary benefit of a less technical ceiling for brawl would be the need for a different approach to mind gaminess...none of this is bad, just different.
Removing wavedashing wouldn't remove mindgames from smash, it would merely change the nature of those mindgames. I think a lot of people here have used wavedashing for so long that it's become a little bit of a crutch for them (I mean no offense) in that they have a harder time imagining how the game might be played differently.