Here is my interpretation of the buffs.
The changes mostly improve multi-hit moves for connecting as much. The biggest one is to jabs. The characters that got jab change buffed:













, and most significantly







.
Other notable multi-hit changes/fixes:











Up Smash


Down Smash


Up Tilt

Forward Tilt (FINALLY!!!)


(Arsene) Side B


Up B

Up Air

Neutral Special
They have also finally fixed some notable bugs/issues with some characters:

They have seemed to have fixed the armor glitch from Giant Punch, which is a carryover glitch from SSB4.

They have fixed the Super Cyclone glitch with Luigi. At least they made his grab more reliable on point-blank, so that is cool.

They fixed side B's initial hitbox and improved the move further. I will get to this character's changes more soon.

The final hitbox of Aura Sphere's charge now properly matches the hitbox. I will get to this character's changes more soon.

They fixed both of Fishing Rod's glitches, the one where its hitbox remains indefinitely out when the rod is in the air, and the one where reeling grounded rod will have no hitbox. Both a buff and a nerf to Isabelle.
Here are the characters that notably changed the most:

The boy got buffed. A more reliable side B and down B, a stronger back air and forward tilt, a faster up tilt, and increased range on sweetspot knee. Fatality is proud today.

This already solid character got a lot of love. They essentially reverted the Aura Sphere nerf from 2.0.0., made it even better, and gave him a bunch of over various QoL buffs. Needless to say, things are looking up for this character.

Some really nice buffs for Diddy. The up smash, up air, and up B buffs are really going to help the character. ZeRo is already playing around with the character more after the buffs, so that is interesting to see.

Got some QoL buffs here and there. I am really interested on how the Luma rework (lower HP, but faster spawn time) will play out. It doesn't, unfortunately, solve the fact the Luma is still easy to smack around, but nice regardless.

Some nice buffs to Mac. The jab change is the most interesting, as Sol has already shown that it now has some spicy combo potential. Other changes like the forward tilt fix and up smash buffs is also interesting to see. None of those changes does, unfortunately, solve some of his biggest issues. He still loses side B after he gets hit out of it and his jumps are still too low to reach the platforms. Helpful changes regardless.

Also got some nice buffs. The up tilt and side B buff, in particular, is going to help out with his combo potential and approach, respectively. Still got his issues, but they nevertheless help out the character quite a bit.


Both got some really nice buffs. It isn't the mobility buff fix I was expecting, but what we got instead was nice too. The Ryu Hadoken change also encourages a more differed playstyle between the two, which is also pretty nice to see. I already see some players trying them out, so we will see.

It is strange to see Bayonetta actually get any notable changes at all. Geist is already mad labbing the character with these changes. Similarly to Mac, it doesn't really solve any of her mains issues, but is nice regardless.



They received what seems to be a slap on the wrist. For Peach, a slightly weaker forward air, longer turnip pulling, and a more vulnerable side B. For Wolf, a nerfed laser, down smash (slightly), and up B (final hit only). For both of these characters, these nerfs won't affect them that much at all. Still going to be top tier threats.

Already an upper tiered character that is not doing as well as others, but then got noticeably nerfed. It is easier to hit (although its shield is increased to compensate), its f-tilt is much weaker, its forward smash has more endlag, and its moves deals more recoil. Definitiely one of the most nerfed in the patch, although I think Pichu will still be high tier at the very least.

The one that got hit the most. Easier to hit (falling Wario up air now hits Olimar) and made up and forward smash less safe on shield (although up smash still combos into itself so lol). However, getting hit out of Olimar's up B now makes him go almost nowhere. A noticeable recovery nerf. Still very much high tier, and like what DelugeTN says, is now at more reasonable levels.