There is a reason it's not competitive.
Simply launch foes with Smash attacks over the edge. KO. Recovery is almost impossible as well.
If you mean Brawl, there are many reasons that it is not as competitive and how hard it is to recover isn't one of them. First of all, it's not hard to recover for most of the cast. Recovering is as easy as it has ever been thanks to reverse ledge grabs, magnetized ledges, and extended ledge invincibility. Second, launching characters away is much more difficult because of the game's generally slower pace allowing so many otherwise powerful attacks to be avoided and the defensive options more being better than offensive options a lot more than they should be. Strangely however, sending a character straight into the blast line is more important than ever due to the recovery and defensive options.
So in brawl the gravity... is basically moon gravity, you float forever, no one can combo, it is the major difference between melee and ssbb.
I think what you mean is falling speed. Characters have a minimum and maximum falling speed and gravity is the measure of how quickly the character will reach maximum falling speed.
Anyways, since the gravity in SSB4 still looks iffy, I was wondering what your guy's thoughts are on having enhanced gravity mode (if they include it) being a factor in competitive play?
I think the falling speeds so far looks pretty good. Either way, I don't think there is a need for an enhanced gravity/falling speed mode. If Brawl had enhanced gravity/falling speed, the tiers would look very different - Pikachu would probably be SS Super Schutzstaffel tier and all the space animals would probably drop dramatically, pun intended.
You could edit damage ratios in Brawl, which actually allowed for more interesting combos and such, but whenever it was discussed it was quickly shut down. If you are looking for a more Melee-like experience, try that first.
The principle issue is you're probably not going to get any consensus on what modifications to the core gameplay is ideal, however minor they may be. It's a completely separate realm of discussion from items and stages and goes back to even what kind of game you want to play - a game like 64, Melee, or Brawl.
I also wondered why people didn't just lower/decrease the damage ratio, and play on high gravity double speed.
For Brawl, I'd recommend leaving the damage ratio alone completely. Raising or lowering the damage ratio can create their own problems. It is already difficult to kill someone compared to Melee. In matches against characters which only have a handful of kill moves, like Samus, Jigglypuff can survive to ridiculous percentages (~200% or more). Matches can reach a point to where it becomes a game who of lands the successful kill move. Lowering the damage ratio would make things even worse, and if you raised the damage ratio, it might cement the top tiers in the most ridiculous way. Some lower tiers are barely getting by because of their endurance from the low hitstun and knockback.