As one of the people most involved in the Brawl+ project (as it has come to be named), I must say, it IS better than regular Brawl. However, it will never, ever be Melee and I very highly doubt it will even come close. As someone had already mentioned, the core physics of Brawl just don't allow it to be as fast-paced or as competitive as Melee (also Meta Knight, lolz). Ironically, I've been playing Melee a lot more now since Brawl+ began.
One thing that some of us are trying to do, though, is add new elements that weren't in Melee, 64, or Brawl in an attempt to make it more fun/competitive (for example, a cancel system that allows you to eliminate all lag but at the cost of 1/3 of your shield) so maybe if we make it different enough instead of a shoddy Melee clone it could gain its own niche of players.
So no, I don't expect it will ever become the competitive Brawl standard (too many noobs that don't know what makes a competitive game) and I don't expect it will ever come close to Melee. I'm just doing it because it's interesting and it could become a good game in its own right.
I mean you could probably add 5 more jumps to Marth and make him attack 20 times faster and we have Metaknight don't we? Oh and we can have people screaming nonsensical things for the voice over.
LOL OMG YES LETS DO THIS