Falco seems pretty amazing right now tbh. Just messing around on FG, I found a guy who knew how to play Falco (how rare!) and even though I can get some nice combos on him with Kirby for 40% or so, I very quickly find myself being comboed to high percents just from one grab followup. His Upair is very hard to avoid, and combos into Nair or Fair? His Jab's amazing as always, his throws are all very situationally good. All his aerials and tilts are good, he has pretty good combo breakers in Nair and Jab, and his smashes are at least ok. He's pretty scary :/
Falco's Smashes are weird, but it kind of makes sense for how fast they are except Side Smash which is a more "traditional", slower, and more powerful kill move. I say kind of since Lucina, Marth, Samus, Fox, and Yoshi have one or two fast Smash kill moves. Up Smash is more or less a stronger, more committal Utilt which combos, anti-airs, and kills (early than Utilt). Down Smash is basically a get off me option, roll catcher, and sometimes edgeguard move since it reaches over the ledge and makes Falco's legs intangible - I'm pretty sure Kirby's Down Smash does this too along with Fox's.
Falco has the weird niche of "I combo and I kill with the same moves". Oh, but every character does that, but when your entire moveset aside from jab, Dash Attack, Ftilt, Nair, F-throw, D-throw, Fire Bird - yes, it gimps and can stage spike and if it does, I'm very sorry -, Blaster, Reflector, and non-spiking Falco Phantasm, kills reliably and at similar percents, it becomes this weird, hilarious, and maybe even terrifying thing when you realize that this character who's comboing me with Bairs early on will eventually kill me with Bair at 120% center stage. Few characters do that and do it fast. Yes, Shulk can combo with his Fair, but compared to Falco's Fair, it's slower. Sheik kills with Bair - used to -, but her Bair is much weaker than Falco's. Ganondorf and Roy come to mind as other characters whose movesets are made up of kill moves, but they combo with those moves.
The other thing would be how each move has a purpose. There are characters who have one or two really good moves like say, Diddy's pre-patch Uair or Sheik's Fair, but that's good when other moves have purposes and function well like Diddy's entire moveset. The only issue for them is that sometimes players end up neglecting other moves since one move does so much. Diddy's Uair shouldn't have been the Swiss Army Knife it was and there were pre- and post-patch moves that Diddy has that are useful to his gameplay like U-throw, Dtilt, and Nair. Unfortunately, there are some characters who only have one or two good moves. Zelda for example on has like Nair, Dtilt, and Down Smash as notably good moves with Farore's Wind being a good kill move and Nayru's Love a useful, but sometimes predictable move. Patches fixed her Up Smash and Side Smash, but Ftilt, Utilt, even jab, the precision needed to use Bair and Fair, Uair could be a bit faster, the infamous Din's Fire, and Phantom Slash are all lacking. Having a moveset that force you to know every move and use every move might seem annoying and tedious, but it also means that every move is good in some way. That's the strength of Falco, Fox, Luigi, Mario, Dr. Mario, Mega Man, Peach, Toon Link, Ike, Marth, Lucina, Roy, Ganondorf, Captain Falcon, Villager, Charizard, DK, and more. It's just for some, some moves are lackluster or way too good they overshadow and mask the bad moves. Having a ton of options even with a bad character is still better than having little options with a bad character.
Also, I wished more characters had throws that do much more. Falco's got F-throw for early comboing and positioning, B-throw for killing and positioning, D-throw for early to mid comboing (and stage spiking Captain Falcon), U-throw for kills, comboing, and positioning. Fox's throws are like, U-throw and B-throw for positioning, F-throw and D-throw for comboing and positioning... Er... Could we let Fox combo out of B-throw? That would be pretty cool and make it so rage heavily affects his U-throw. We need more Marth, Lucina, and Roy rage U-throw shenanigans.
One last thing: the change to Falco's Dair so it doesn't spike grounded opponents. Let's say that all happens to everyone. Do you understand the hilarity that would be Ganondorf's Stomp? It's gonna be a one way ticket to heaven with an imprint of a large man's feet on your face. No more denying the King of Evil's Stomp! No more teching his Stomp! You get a Stomp! He gets a Stomp! She gets a Stomp! EVERYBODY GETS A STOMP! Removal of ground spiking I think - I need to check -, makes Falco's Dair kill like 100% earlier. It used to kill at 270?% while the late hit killed at 260?%. Now, imagine that with Ganondorf.