Balloon Fighter is probably the only character that I support for SSB4. I just see so much potential in his moveset and play style. The balloons don't detract from the character, but rather, make him quite an interesting player in my eyes. I made a specials-only moveset for him quite a while ago that I haven't yet shared here. I don't know if it is similar to anyone else's because I haven't looked at all of them, but whatever, here it is:
Balloon Based Playstyle Overview:
Before I get into specials, I want to talk about the character's balloon-based playstyle, and how I see it working. First of all, I imagine Balloon Fighter's running speed and attacking speed to be average. He also has average attack strength and average weight/knock back resistance. In the air, however, he is very different. He has aerial maneuverability and speed to rival that of Jigglypuff's, and also has very slow falling speed.
Ballon Fighter's balloons aren't completely essential to his play style, but having balloons handy can be the difference between a win and a loss, as they can greatly aid recovery by affecting jumping, air speed and fall speed. You can obtain up to two balloons. Each Balloon will give the Balloon fighter two more midair jumps (six jumps total), as well as slightly affect falling speed and air speed (faster air speed, slower falling speed).
Once the player accumulates 35% damage after a balloon is pumped, that Balloon will pop, and the player will have to pump a new one. Other than aiding the player in recovery, the balloons are not completely essential to the Balloon Fighter's game (it's similar to the Ice Climber's dependence on one another. You can play as one, but the character's full potential is unleashed when both are used).
SPECIAL MOVES...
STANDARD SPECIAL: ~ <Flipper>
-This one is simple. Balloon Fighter pulls out a flipper and twirls it for about a second, inflicting damage and deflecting some projectiles. It is similar to Pit's Side Special, but with more knock-back and not as "spammable".
SIDE SPECIAL: ~ <Sky Dive>
-This move has a slightly different effect depending on if it is used in the air or on the ground. On the ground, the Balloon fighter will jump quickly into the air, then dive back toward the ground diagonally in the direction he's facing (think Yoshi or Bowser's Down Special), scoring consecutive hits with moderate knock-back. While in the air, Balloon Fighter will again dive toward the ground diagonally, scoring consecutive hits. The aerial version of this move has a meteor smash affect at it's peak. (This move is meant to reflect the Balloon Fighter descending upon enemies to pop their Balloons in his game).
DOWN SPECIAL: ~ <Balloon Pump>
-Here is where things really get interesting. I've already explained the balloon-based playstyle, but using the down special is your only means of obtaining these balloons. All that is needed to begin pumping the Balloon is the simple "Down + B" input. Whether on the ground or in midair, the Balloon Fighter will begin pumping. It takes five pumps for one Balloon, and each pump is about half a second (5 seconds total for both balloons). If the Balloon Fighter is hit while pumping, the Balloon will pop and he will have to start over. So be sure you have a couple seconds handy.
UP SPECIAL: ~ <Parachute>
Balloon Fighter will pull out a massive parachute, greatly slowing his fall and allowing himself more time to recover horizontally. The only problem with this move is that it will deflate both balloons if you happen to have any, and they must be pumped again. This move is most handy when you have no balloons but need to recover. The initial input of this move allows for some slight vertical recovery as well.
Thar it is. What do y'all think?