Here's the deal on nerfing Pit's recovery.
Bad Pits get nerfed bad by Falco.
Decent Pits have a hard time avoiding the edgeguard.
Good Pits know how to recovery against a good Falco.
This match-up is almost dead-even. The higher the skill level the better chance Falco has. The average Pit vs. Falco match will probably lean towards Pit. While at higher levels of play it evens out fairly evenly. This is mainly because Pit nerfs Falco's recovery much better then Falco nerfs Pit's.
Keep in mind, Pit is a character with many tricks and exploitable techniques. It's best to study Pit in the Pit forums before considering your gameplan complete.
Falco's biggest issue against a truly good Pit is simply staying alive. Survivving getting knocked off the stage is one thing. But getting back to the edge is a different matter. On close calls at the edge, a Pit can Wing Shove Falco away from the stage and immediately grab back on. This lessens Falco's distance traveled while giving Pit more invincibility frames on the edge. Both of Falco's recovery options can be reflected by Pit's Mirror Shield. Recovering up high to avoid this when possible only leads to easy kills for Pit. Wing Renewal allows Pit to use his WoI twice without fearing death. This is used very well to follow a Falco off the stage at an angle where his Foward-B won't be able to spike Pit.
As for gimping Pit's recovery, there's a formula that's best used. First use your high jumps to spam lasers at Pit while you can. Try to take away his jumps and most importantly his glide. If you do this you force him to WoI.
If Pit let's himself fall before attempting a recovery, things get tougher for Falco. Guard the edge and make him scared to approach the edge you're at. Pit has very poor magnet hands so odds are he'll favor the opposite edge if possible.
If this happens do your best to meet him there and grab the edge before he does. Pit's WoI is faster then Falco's run so you can't slack off on this. If this works out he'll be forced to rise above the edge where you should be able to Bair him to his death.
If Pit decides to go up as high as he can and try to recover from above he's a little safer. However this is a double edged sword for Pit. First off, using the WoI leaves Pit unable to recovery if knocked back off the stage before landing. On the other hand, Dive Bombing with Pit's WoI is faster then his fast fall and could work out to his advantage. Not many Pit's will recover this way.
However a good Pit won't even bother with this. I personally when recovering to see Falco's laser release point in collation with his momentum and determine where all his laser options are after his first shot. At which point navigating away from the lasers are so easy, that I tend to waste my midair jumps to spam some arrows from off screen. Looping an arrow around where the arrows can't be seen is fun too.
The thing is, Falco is a far better character then Pit. His only real weakness is an average recovery. Which wouldn't be a weakness in the least if both of his recoveries weren't so predictable. Normally not a big deal. Against Pit though it is. Pit makes up for the difference in character ability with his recovery, edgegame, and metagame.
