He takes his appearance from Punch Out Wii.
If nostalgia varies, this should have been called "Do you think retro reps are not making it in favor of modern newcomers."
There is nothing wrong with the topic title as is. Nostalgia is subjective (though the older a character is, the more likely people are going to know them, if their source game did well), so the topic title is asking for people's subjective opinion.
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Speaking of which, I forgot to give mine:
I think in terms of stages, the balance is favouring modern games. Heck, most of the 3DS stages are actually from 3DS games.
In terms of newcomers, it's a nice balance and all generations of gamers are being appealed to. We've got the really old guys like Mega Man, Pac-Man, and Little Mac. Then we've got characters who originated from at least the earlier part of the last decade like Villager (he's actually MORE than a decade old), Wii Fit Trainer, and Rosalina, and for many, those guys are still plenty nostalgic. And then we've got characters who debuted this generation in Greninja, Robin, and Lucina (and I sort of group Palutena with these three too - she's technically a golden oldie, but is completely based off of Uprising and is in Smash Bros thanks to Uprising) who are fan favourites fresh in people's minds.
Basically, anyone who was a kid when Mega Man, Pac-Man, and Little Mac (and Palutena) were debuting is now an adult, maybe even middle-aged.
Anyone who was a kid when Villager, Wii Fit Trainer, and Rosalina were debuting is now a teenager or young adult.
Anyone who was a kid when Greninja, Robin, and Lucina (oh yeah - if I'm not mistaken she debuted before FE: Awakening, but was just briefly shown as a baby or something - well I still group her with Robin since she only really became a fully fledged character there) were debuting (and when Palutena made a name for herself) is probably still a kid now, if not just hitting their teenage years.
It's a pretty equal balance so far.
And I have noticed that this game is being particularly nostalgic in new ways:
-The Results screen music is a remix of the Smash 64 character select theme
-Smash Run being based off of City Trial
-Lots of Kid Icarus: Uprising influence in terms of game features
It really feels like Sakurai is bringing the best of his own past works into this Smash - fitting, as it is the 15th anniversary of Smash Bros, this year!