I use both Wolf and Falco, and I can say that both have their merits and weaknesses. Falco has a lot going for him, he can rack up the damage % very quickly and in a number of ways with chain-grabbing, a number of attacks with hitstun and multiple strikes, a very annoying laser. His Kill moves are a slight bit more limited than Fox's but still deadly. Wolf has sheer unrelenting aggression, many high-speed high-priority high-power attacks, and with enough practice, otherwise obsolete moves become deadly surprise attacks (Eg: Wolf Flash).
Both move at lower speeds on the ground (Falco may be a little faster). Falco jumps very high with little horizontal momentum, Wolf doesn't jump quite as high but has very strong aerial momentum.
I feel I was able to learn Falco's strategy pretty easily compared to Wolf. Although Wolf was easy to pick up and play, to truly bring out Wolf's potential requires a lot of practice, more so than even Fox. I kill myself with Wolf more often than any other character because of his high-risk high-return tactics. First starting a Falco was a little tricky but once you get the moves down, you can pretty freely experiment, mix and match on the fly. Falco's gigantic horizontal recovery allows for a pretty wide margin of error without dying, Wolf doesn't have that luxury.
It takes a certain guile to play a good Wolf, to pull an ace out of your sleeve your opponent has no right to expect and beat them over the head with it, To put your opponent into a state of chaos. Falco, on the other hand, requires a cold, merciless control, both of Falco and of your opponent, to always keep them right where you want them
at the lowest levels, Wolf is more likely to win with his "cheap" and "noobish" tactics.
higher up, Falco is more likely to win having far more control than Wolf
at the highest levels, its a close match between the binding control of Falco against the almost chaotic guile and aggression of Wolf
For tactics in Wolf vs. Falco, I haven't actually played another Falco in a good match since no one I play against in my area uses Falco as a main. The best I can offer is to break his control: use the Shine to dodge a laggy attack and turn the tides, destroy the edgehog game with Wolf Flash, and always look for an opening and seize it quickly with F-smash or F-tilt if Falco is close enough. In the air, stay out from under Falco unless you want a taste of the most versatile spike in SSBB, instead jump up alongside and dish out Wolf's brutal drop-kick or power claw before Falco can react, especially in front of Falco since his F-air isn't his best move. Do not try to land the spike unless you are absolutely sure it will connect, Falco can simply jump up and counter-spike you during Wolf's startup lag. If you're in the air against a Falco on the ground, a N-air is always a good bet as it has almost no lag on the ground where you can follow-up with whatever you feel is appropriate. If Falco tries to throw his shine in your face, a well-timed sidestep doge (or even a reflector) followed by a F-smash will close the distance and knock Falco off his feet before he can finish his move.
Most of these tactics require pinpoint precision, something essential for every Smasher, but especially for Wolf. Also these are theoretical tactics since as a Falco player myself I know what I don't want to happen, and I know what Wolf is capable of. Hope this helps someone out there.
