One problem Cloud might have is limited options that would knock opponents both forward and off of the stage. Fair's meteor, while great for edgeguarding, would hinder his approach game slightly (even if the meteor is only at the end of the hitbox). Sans Ike, his Dtilt also doesn't send the opponent forward, and could probably be countered just like Mega Man's. Dsmash also doesn't send the opponent forward, but functions more like Ganondorf's or TLink's Dsmashes. Great for being cornered, but not so much for when you have your opponent cornered (sans covering ledge rolls). Nair is a huge circular swing like Ike/Shulk, so it'll probably be predictable and not much knockback like those moves. Ftilt also looks similar to Ike/Shulk, but more around Ike's in terms of speed. Which would make it easier to predict/block. Dash Attack is surprisingly speedy, but has lower range and sends the opponent diagonally up instead of horizontally. Fsmash looks flashy, but has a bit of windup. But it looks okay. Just okay though. His multislash looks similar in function to his Fsmash, only dealing more hits and it can be performed in the air, but seems to lack Fsmash's knockback (barring Limit Break). And Jab, while fast (it looks good!), doesn't seem to have a lot of knockback.
Basically, if you want to knock the opponent off of the stage in front of you, Cloud MIGHT have problems. He might have to rely on throws, his jab combo, and occasionally his bair or ftilt to do that. Limit Break helps since it beefs up his projectile, multislash, and other moves. But there's no telling how consistantly he can do that in a match. And, barring Limit Break, he looks like a worse Ike in terms of recovery.
A special mention for his Utilt is that it actually starts above and behind him, unlike most swordsmen. Which is pretty cool as an anti-air for opponents behind him, but it's gonna have some issues with opponents in front of him. Even then, it looks like it won't hit opponents on the ground behind him, as it isn't a complete arc like Marth/Roy.
On the plus side, his edgeguarding game looks amazing. Dsmash for when you are cornered or baiting ledge rolls, Usmash for covering ledge jumps, Dair looks AMAZING as a spike, Bair for a disjointed kill (like Ike's but bigger and a bit slower), aerial multislash, Limit Break projectile...don't let this man get you off of the stage. Might not be the best edgeguarding in the game, but it looks really solid.
Overall, in conjunction with his projectile and Limit Break, Cloud seems like he is going to be a defensive character in nature. Less about swinging his sword wildly (...ironically enough), and more about punishing his opponents at the right moments. Runaway projectile and/or Limit Break charge, counter with Dsmash if they get too close, then spike 'em with Dair or Fair. Or go for Bair as a mixup. OR wait for punishing the opponent's ledge options. On the flip side, Cloud probably doesn't want to be at the dead center of the stage. Which not only hurts his approach game, but it also means he'll have to rely on his (usually) crappy recovery if he gets sent off of the stage...which isn't good.
He looks solid. Maybe high tier (depending on how Limit Break works). But no hugher than that. The above weakness that I mentioned, plus slower frame data (sans jab combo) will hold him back. Having a projectile alone will still keep him relevant though, on top of hisstrengths in edgeguarding.
