So, after watching the Direct, I have some thoughts:
1. Let's get the big one out of the way: yes, it's incredibly disappointing that the leak was fake, and while it was definitely a good fake, it was still disappointing nonetheless.
2. That being said, while I don't really care much for Ken (being that he's an Echo Fighter), Incineroar actually looks pretty good, and his reveal trailer was actually pretty cool, and that ending shot of Villager, Bowser. Jr, and K. Rool lining up, and Incineroar's reaction were pretty funny.
3. The whole "Spirits" concept itself seems...okay, but I feel like they spent a little too much time showcasing matches.
4. Didn't really play online much with Smash 4, so I don't really care for it here.
5. I kind of felt like going over every little option and whatnot was kind of unnecessary.
6. I feel sorry for the Isaac fans; at least Banjo-Kazooie and Geno still have a shot as DLC, but poor Isaac's been reduced to an Assist Trophy again.
7. On that note, I'll admit the announcement of DLC did soften the blow of the leak being fake somewhat, and it's cool that we're getting 5 completely new fighters and stages, which does still give some hope for Banjo-Kazooie and Geno. However, my only real concern is whether or not the reveal trailers for these characters will be low-budget like they were in Smash 4 or not.
8. Honestly, Piranha Plan gave me a good much-needed laugh, and it actually looks like it could be a pretty fun character. I admit, I was a bit confused as to how to take advantage of the limited offer, but after checking, it's just registering with the Nintendo Account; I don't have to pre-order it directly from Nintendo's website.
9. Both the cutscene for Spirits Mode and the song that went with it were absolutely BEAUTIFUL!
Overall, not a bad Direct; a bit disappointing in areas, and I feel they lingered on certain sections for too long, but there were things that I enjoyed about it.