In terms of 1v1, he'll probably be great at a distance and not-so-great for up close combat, unless he has an amazing up smash, up tilt or f tilt we haven't seen yet.
I think the flint and steel was his down tilt? Yeah it had to be because Mine would be his down smash and Craft would be his neutral b. We have a confirmed bair (weapon), dair (anvil), fair (weapon) and uair (weapon). Not exactly sure what nair will be. I'll rewatch it here soon anyways to see what I can dissect. Not looking at combos or knockback until the presentation, right now I just want to know what each move does.
Unless I'm mistaken, didn't they use multiple weapons other than the different swords? I could've sworn I saw an axe and a pickaxe. They'll probably have different specialties, is my guess. axe does the most damage, sword does the most knockback, pickaxe gets you better mining materials when you mine. I doubt the other two MC tools will appear as that would make the menu for Crafting really clunky.
I assume Crafting will be streamlined, here's how I'd imagine it would work: you bring up a menu of weapons, and the only ones shown are the ones you have materials for. You swap between them like Hero's Command Menu and press A or B when you choose the one you want, and R/L/ZR/ZL when you want to cancel it.
I assume you'll only be able to place four blocks, maybe five. I'm sure Sakurai realizes how easy it will be to ledgetrap with that move and will probably implement some kind of mechanic that keeps you from doing that. Some hitboxes will probably go through them-like how in Arena Ferox, you can do something like Byleth fsmash through the middle wall and hit your opponent on the other side. So he's not completely harmless in there. It will definitely be very good for baiting out and punishing jumps over the wall.
His down smash might pour lava at the ledge, which would just be incredibly annoying-Ness yoyo on steroids.
He might struggle a bit with killing, but we haven't seen too many kill moves yet so it's impossible to tell.
TNT looks busted. Makes me think Steve will play somewhat like Snake.
I can imagine a good setup for edgeguards and kills would be minecart (carries them off the edge before they pop out) followed up with a fair, capitalizing on the lag they get from hopping out of the minecart.
Taunts (the best part of any character's moveset) look like they'll be head bopping, the Symbol Of Peace (or maybe that's just a crouch) and something else.
Yeah, I think that's everything.
[EDIT 10/2: Noticed some interesting things today rewatching the trailer. First of all, Steve can be harmed by his own TNT-probably would've guessed it but it's nice to know for sure now.
Second, when he uses Elytra, he falls onto the ground and is placed into a tech situation, like Banjo's aerial Wonderwing with no golden feathers. Whether or not he can tech it is impossible to know right now, but it does seem he'll have access to getup attack, normal getup, roll left and roll fight.
Next, his Final Smash will stun people with the initial hit (the block part of the piston) before pushing out, seems like it's about the range of Min Min's Final Smash.
Also, this could definitely be an error in translation, but here's what I got from Sakurai in the English US version.
"Making everything work well together in the game, including their physical attacks and short reach, will be extremely hard."
So it seems as though Steve will be a character that is strong up close with tools he can use to zone-making him pretty versatile. Makes sense if you have a character that needs to spend much of the time mining materials and crafting with them that you want to give them good defense tools for doing so.
When the presentation happens, I'll put my initial thoughts
here and when I've got a larger grasp on how he works, I'll put it all in this thread. It might have to be later in the day, or even the following day due to homework, but I'll try to put my analysis out as fast as I can.]