charizard actually stands as tall as fox because he's hunched over and his wings and half of his tail are disjointed
Yeah, but his horizontal hurtbox is larger, which matters when you have aerials like Pikachu's SH d-air. His wings and tail aren't fully invincible.
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On the subject of Meta Knight Tornado... so one thing that I think makes Meta Knight really good in this game is how Tornado works equally well regardless of weight of opposing character. You won't have guys like Pikachu popping out any more--that's pretty great, and I think it gives MK an automatic advantage against most light and mid-weight characters, because Tornado does immense damage. Being able to do 20%
just because your opponent airdodged is no joke. When an opponent is recovering high like Diddy with side-b you have a free Tornado--I can't recount how many times tournament-level Sheiks have bouncing fished toward the stage just to get caught by a Tornado during endlag.
Meta Knight destroys most of the cast. Not joking. Most people are still playing him as though he's Brawl Meta Knight, with air camping and tilts and trying to land gimps with d-air. Once you get used to playing the new defensive MK, he's a whole different animal.
At this point I think I would put him in High Tier, but Top Tier isn't out of scope for him.
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I think that with customs on most of the heavies beat Pikachu. Charizard, Bowser, Ike, Donkey Kong . . . I wouldn't feel comfortable playing as Pikachu against any of them with their new tools. Pikachu is in that weight range where he needs to have full followups on his combos in order to win against characters who can survive to high rage. Since heavies all get new escape options like Bowser with dash klaw, Pikachu's followup game is substantially reduced (though not eliminated). It's a lot harder to hit a DK when he has the threat of Kong Cyclone on the table, or a lot harder to QA past a Charizard who has Dragon Rush to catch your landing.
Because of this, I think that in the customs-on metagame Pikachu is no longer Top Tier; he may be somewhere in High Tier (perhaps at the bottom of it), or Upper Mid, but definitely doesn't remain the best character in the game with customs.
As my secondary for customs I've decided to go with
Mii Gunner, a character whom I believe to be better than Mii Brawler, and also an easy Top/High Tier based on my observations so far. I am working on my Gunner; I have some problems landing KOs, but that's a personal limitation, not a limitation of the character, and one that I will overcome in future tournaments. I think that this character has all the tools necessary to be top 5, no less efficient than Sheik or Diddy.