Of course Classic Mode will return. Its classic. It was the original 1-player mode in the original SSB, its as much a part of SSB as the unique combat system or the characters themselves. It just wouldn't be the same without it.
Personally though, I'm hoping for a few improvements, such as perhaps giving it different sub-modes. For instance, in SSB it had pre-set battles: the same characters fought you at each stage no matter how many times you played it. This had the advantage of being thematic - displaying each of the main characters of the game in their full glory and in an appropriate manner and order - but the disadvantage of growing stale over time. In Melee, the battles were pre-set in terms of the type of match (1-on-1, 2-on-2, etc), but random in stage and characters. This had the advantage of being new each time you played it, but the disadvantage of some really weird matches (so I'm playing as Marth, and I get teamed with the shrimpy Pokèmon Pichu, against "Team Mario", which consists of Mario and his arch-nemesis Bowser? What the hells?).
This time around, how about they let the player pick from one of three ways to play - pre-set, random, or custom. Pre-set fights like the original - thematic matches laid out in a specific, never-changing order. Random fights like Melee - the general idea of the matches is set (albeit perhaps that those are also rearranged randomly, so perhaps your first fight is the metal one, your second the giant, etc), but the specifics can be as out there as the randomizer allows. And last theres custom, which lets you choose what will greet you at each stage - pick the type of match, character, stage; the works, including the option to make some of it random. Perhaps even give alternative bosses taken from Subspace Emissary to replace the Master/Crazy Hand if you're so inclined. Basically, create your own classic-style scenario. I know I'd love that. And it would expand possible unlock scenarios - perhaps Jigglypuff is unlocked only by beating the random mode with no continues, not pre-set or custom; or someone else will only appear if you beat pre-set mode on normal with only one life, etc.
Zevox