Some more thoughts on the top 3 from watching last week's shockwave:
Sheik honestly might be the second best character in any Smash Bros game (after Brawl MK obviously). She has everything. Great speed, power, mobility, extremely safe on everything, the best combos in the game, fantastic throws, one of the game's best projectiles, and fantastic recovery to boot. She's definitely much stronger even than she was in Melee, in a game where almost everyone else who was a big threat in Melee is much weaker. She is #1 for sure, no one else even has a chance of dethroning her because she has no weaknesses whatsoever.
Rosalina is also way up there. She's basically a better Ice Climbers, retaining all of their strong points (except instadeath chaingrabs) but with all of their weaknesses removed. Unlike Sopo, Rosalina is a top 5 character even without Luma, she has incredible power, hitboxes, and recovery even when her little pal is dead or separated from her. (and he respawns ludicrously fast even when he dies). Luma just serves to make her inordinately difficult to approach or grab because she can punish after you land a legitimate hit. Comebacks are virtually impossible against her because even if you play solid and win the neutral Luma is going to land a few stray hits on you sooner or later.
Little Mac rules the ground, but I'm becoming increasingly convinced he is #3 after those two simply because he actually does have weaknesses and his survival is generally fairly bad against most characters (though he makes up for it by killing super early). He would probably be fine if not for KO Punch. He gets at least 3 per match, and if he lands even one, he will likely win because it just gives him such a huge advantage in the damage race. It's not in any way difficult to land, either, he has multiple options for comboing into it and it's also unblockable, making it absurdly risky to shield against him when he has it since he can dash in and jump cancel into it.
Anyway, it's way early to be talking about fixes, but I'm going to do it anyway. Here's what I would like to see in the balance patch that will clearly never come because Nintendo never does balance patches.
- If Down B does not hit, Sheik becomes helpless
This significantly weakens her recovery (it's now only slightly better than Melee) and also makes her off-stage chase game less ridiculous. You can still attempt Fair to DownB, just be prepared for the fact that you might die if done at the wrong percents. The move is still fairly safe if used to recover on-stage, or if used in a combo above the stage.
- UpB consumes Luma (it transforms into the launch star, like in Galaxy), cannot be used if Luma is not nearby
- Luma's respawn time increased to 20s (up from 10s)
This gives her a significant incentive to keep Luma alive and with her, if Luma dies Rosalina's recovery is the worst in the game, akin to Sopo. Luma also no longer respawns as quickly, so once again you have to be more careful with how you use Luma.
- KO punch does significantly less knockback (kills around 70% on most characters)
A pretty obvious fix really. No comboable attack should be killing at 30%, particularly not on a character who's already super strong. This really isn't a huge nerf, Little Mac is still super strong without KO punch, this is just what pushes him over the top.
It's quite likely that some bad characters also need some buffs, but that's a topic for another time.