xerit, items are part of the balance of the game. i guarantee meta knight will no longer be so dominant with items on. the traits that make him godly are all mitigated to a certain extent.
crazy recovery? can now be safely edgeguarded with throwable projectiles
transcendent priority? if you're attacking with a disjointed hitbox, it doesn't matter.
tornado? most items go through the tornado, meaning every character will have a reliable option to the tornado.
will all of these things be able to be countered at once? no, which is part of the balance of items. the balance that was intended to be in the game from the start, but we (the smash community) disrupted the balance by banning items from the get-go.
let me tell you a story from a long time in the past, when the smash scene was very young. super smash bros melee was a new game, and there were some dedicated players from the start that formed a community. this community's headquarters was smashboards.com, where the community could discuss things about the game with other informed players.
circa 2003, a debate in the community emerged about whether items should be used in tournaments. in the start, items were unquestioned in their validity - everyone played with items on, even in tournaments. if you look here:
http://www.youtube.com/watch?v=UQGbwERf4eA , you'll see a match with the famous Ken, the king of smash. but...what's this?! there's items on the field! in a tournament? well yeah, because in the west coast, items were kept on.
but in the east coast, items were turned off because they said it hurt competition. this debate went on between the east coast and the west coast for awhile, and in the end they turned items off. do you want to know why?
You couldn't turn off exploding capsules. That's it! That's the only reason that items were turned off. If a Marth swung his sword at the enemy and an exploding capsule happened to appear at the same time, he'd blow himself up and (maybe) die. That's not fair for competition, I agree. but then brawl came out.
the community stuck to its old ways and continued to keep items off without even questioning whether they should be put back on. there was no debate about items at all, people in the community just thought anyone that used items were noobs and they weren't fit in competitive play. but now, in brawl, we have the option to turn off exploding crates and capsules. there is no way for an item to spawn and randomly kill you in the middle of the move (because things like bombs will be turned off too, of course). so...what reason is there to keep them off now? there is none!