Just had an awesome time with Falco and have to share some things I've learnt. I have been doing the same with Bowser Jr lately and trying to figure out what he can be strong at. My other fav is Ness, but he has weaknesses that top players always get used to taking advantage of, and they haven't really gone away, so I don't see him as a dependable character to main.
But Falco? Oh boy, he's quite the beast.
I'm finding Falco to be VERY good. I think we're seelping on him - his neutral game is absurdly good. He has great moves to use at every angle that combo at low %s and kill at high %. Vertically he can combo even on high knockback moves due to his jump height. He has, great specials, awesome customs (fast firebird and down B 3 are great options), and amazing offstage game.
Seriously, offstage is absurdly good. Due to his fall speed and the nature of his aerials, he can swoop in within the blink of an eye and confidently edgeguard.
Facing forward you can fair gimp which drags them down and then sends the horizontally, and Falco can recover no problem thanks to his ridiculous jump height. Facing backward you can use his instant-bair which is super powerful - we just haven't really been using it as well as we could due to the control stick.
The spike is still great, no reason to think it's bad - yeah it's not instant, but Smash bros has been removing more and more instant spikes in each game and replacing them with wind-up ones. Yeah it'd be nice to have the broken insta-spike, but now it's balanced like Ness's, Falcon's, DK's, Samus's, etc. It's still a VERY powerful spike for Falco's weight class, and Falco's jumping physics make it very easy to land this move.
To spike, simply jump off the ledge toward a recovering opponent - fall below them and let them get above you. Then you use Falco's super fast double jump and DAIR at the same time to swoop up - by the time you reach your height, your dair hit and your foe gets spiked. You can do this at super low percents and it's safe because of how safely you set it up - if you don't think you can hit your opponent, don't DJ up and simply return to stage. If you miss, you can get back to the stage super quick from your position. As a non-floatie, you have the ability to surprise your foe with a spike in ways most characters cannot.
But enough about the spike - fair is absolutely amazing as a multi-hit as it's completely inescapable and you can drag foes down, up, or wherever you want.
Uair is a beast - a falcon/kirby/etc esque arc kick that is super easy to land compared to Fox's, and Falco's jump height means you can combo into this easily, and can swoop up to land a killing blow just like Fox can. The only difference is Falco can go MUCH higher than Fox, and thus can reach foes near the blast line to land that amazing KO hit (you can also FAir if you like).
You can also pull off uair-bair combos high in the sky, I've done it twice in the past handful of matches unintentionally. Definitely want to master this. Uair at low percents has low knockback that lets you pull stuff like this off, yet you can do a different version of it at higher percents. You jump -> uair -> DJ to foe's position and bair or fair .
Falco's jumping style is the thing that enables him to be great in the air. We're focusing too much on his lasers and dair nerf and not realising what he can do in the air now that hitstun is a thing.
And my favourite thing of all - dtilt. A killer at 120~, and super SUPER quick. This OOS to punish attacks is very dependable. Barely any need to try and land a smash attack if the foe is in front of you at at 120~, just dtilt. If they survive, pursue them into the sky and land a fair, bair, or uair as all of them will kill that high. That's what's amazing about Falco - he really does prefer the sky in Smash 4.