From reports we've witnessed, two statements seem to ring on the subject.
1) Wavedashing is apparently impossible for anyone thus far.
2) Air Dodging can be done multiple times, and you can jump afterwards.
If I had to make a prediction on these statements, I would say it appears they've removed the ability to air-dodge in a direction.
Just listen before you post. Hear me out. I've actually thought this through.
It's been said now by people who have hands-on experience with Brawl that they found wavedashing impossible. However, with the way the physics engine works, that wouldn't really be possible in any way, shape, or form.
That is, unless air-dodging was reworked. We've also heard reports that it was possible to jump after an air-dodge, rather than being immobilized until you reached the ground again. Now, this, in my mind, would make recovery absolutely broken. Think of it. Jump. Air dodge right. Jump. Air dodge right. Air dodge right. Air dodge right. Up B. You're safe.
That is, unless you could no longer air-dodge right.
It seems to me that from videos I've seen, air-dodging no longer works as it did in Melee. I believe that when you air dodge, you keep falling, but you become invulnerable in the air momentarily. Sort of like before, except gravity continues to pull you down.
This would fix every hole in every theory involving wavedashing thus-far that I know of. If you couldn't air dodge in a direction, wavedashing would be impossible. It would also fix any recovery problems involved with multiple air-dodge/jumps while in the air.
I believe this is how the game's air-dodging mechanic will work this time around. Thoughts?