You want my personal observations? The initial Snake (super-nerfed u-tilt) was not very fun but still very viable. With his u-tilt tweaked to find that right level, Snake was very good, one of the best several characters. (I imagine most people would have put this Snake in their top 5 or 6 characters at the time.)
After we added -1% to Snake f-tilt damage, Snake was knocked down just a tad. More importantly, Snake is very directly affected by buffs to low-tiers... especially compared to say Meta Knight and Diddy. If you tried to tell me that Ivysaur vs. Snake was 65/35, I'd believe you.
Snake also currently has a slightly stronger d-smash. Testers joke that this is "another nerf" when Snake dies to it himself, but obviously good Snake players can control space well to make sure the claymore is more likely to inhibit the opponent. (Plus, Snake is typically heavier.) It isn't that much stronger, but the fact that it is fire element is of interest to that pesky Ivysaur...
Overall, I consider Snake very similar to Diddy now. The character has unique mechanics that allow players to express a lot of creativity, so there is a higher learning curve and maybe slightly higher skill ceiling.
Snake d-throw is a good move, but so is Rock Smash, Pit Arrows, Olimar grabs, Diddy Bananas, Meta Knight dair, Falco lasers, and plenty of other things. Snake doesn't show any signs of needing a nerf at this time.