BBrawl 2 imo is VERY good overall, about 90% of the cast is able to compete and doesn't really suffer from any retardedly bad matchups. As for bugs, I can't think of anything really critical, and the anti-planking fix is very good and very non-intrusive unless you're actually trying to plank excessively (which nobody in the right mind really wants do to)
A lot of us concluded that Wolf is one of the best characters in the game due to his recovery buff and the lack of any "gay" things (besides Kirby's chainthrow I guess) to hinder him, and due to his ability to hit hard pretty easily. I think most of us also agree Falco, Pikachu, and Peach are among the best characters in the game, but there are plenty of characters who stand a fair chance at winning against them.
Ganon still probably has some retardedly bad matchups, but he works due to F-tilt super armor frames, invincible wizkick (still a very unsafe move, but it beats EVERYTHING), F-air autocancel, and the other random stuff that he had in BBrawl1. Ike would be bad except his N-air was made retardedly good by virtue of it's extremely generous IASA frames (which I believe needs a tonedown in exchange for a different buff).
JOE and I think Bowser still needs a buff to recovery, since it's the real thing that unbalances his matchups, and he suggested that either we eliminate the hard landing animation, or we allow him to cancel it with another Up-B. I played Link, G&W, and Ganon vs his Bowser, and in all three matchups, there would be random times I would screw up and get killed, but for 90% of the match he would get juggled and edgeguarded to like 120-130% before I killed him. As for the firebreath, I suggested the other thing that could be done is increasing the knockback of the move (adjust angle to make sure nobody gets gimped too easily).
I personally also believe Kirby needs a recovery buff for the purpose of helping his matchups against G&W and Metaknight. Thinkaman and I talked a long time ago about possibly letting Kirby ledge sweetspot with aerial hammer, a move that G&W and Metaknight have a reason to not challenge mindlessly.
I believe Lucas needs better throws to make up for his lack of really safe ways to get grabs. Link as well probably needs better throws as well, but is otherwise solid, especially with a slight recovery buff.
Some of the characters like Samus, Mario, ROB, Falco, and I think Link did recieve tonedowns on some powerful moves that they had in BBrawl 1. G&W and Marth received damage nerfs to important moves. More Jab combos properly link in this game.
tl;dr, BBrawl 2 is very well balanced. At most only 4ish characters really need help for some stupidly bad matchups, but otherwise fundamentally most of what needs to be in the game made it in.
JOE and I played some lolwifi and we saved some funny replays which I think are pretty good at demonstrating what new things characters can do. And I have to say one thing about Ganon on wifi...the wizkick on wifi is STUPIDLY broken LOL. It was already stupidly good in vBrawl wifi so now that it beats Marth's sword and other dumb stuff yeah....Ganon on wifi is like top tier LOL.
And the Yoshi mains absolutely have to play BBrawl 2 because I believe Yoshi is a really really good character.
I just need to get a life and find time to upload those replays...