Well it has Rosalina in it so it automatically is for me. Also this:
Friendly reminder that Sakurai went out of his way to give us a close up of a passed out Rosalina with a pretty lewd looking face. There is a certain term I could apply to her lips here but it's outside of this sites boundaries.
I don't think this stuff is harmful though, I don't get why people make a fuss about it (well, a negative fuss at least...the picture above fussed me alright, but in a good way). Nintendo have some beautiful women. Let them show it off, within moderation. Most of it is pretty much up to interpretation anyway. Personally, I'm baffled by people singling out ZSS's alt costume as sexual, as it is not inherently so (she just owns the look - like how Rosalina owns the biker look in MK8). And while Shulk's alt costume would be hot or sexually arousing to some people, I honestly took it as more of an inside joke for Xenoblade fans, especially because of how it was shown off in the trailer.
I mean why would you complain about fanservice in a game that's all about fanservice, of all kinds?:
Just so happens that some of it is more sexually suggestive in it's nature:
And that's OK.
Also, a note about Peach's undergarments not being in the 3DS version - that's likely only the 3DS version that's effected. Her Amiibo has those full legs and undergarments. It's likely in the Wii U version too, in that case. Don't know why it's not in the 3DS version, maybe they found animating her full legs around the dress in the 3DS version more difficult due to the lower poly model. Rosalina's cosmic underside is in both versions though, and you can briefly see "the cosmos beneath her gown" in the CGI portion of her trailer, as it's thematic and is an....interesting display of the power she has a cosmic goddess. While I would have had NOOOOO objection to truly seeing the... "cosmos" beneath her gown, I actually really like what they did with her. It's kinda hot in it's own way, it's a cute tease for the curious, and shows just how amazing and absurd her abilities can get, something that's very hard to convince people of because they don't pay enough attention to her in Galaxy.
As for Palutena's pole dance - pole dancing is not inherently a sexual thing, as it is a genuine gymnastic exercise. However, it's blatantly a sexual tease with Palutena. We haven't seen her display gymnastic prowess at all in any other game (and this is the only instance of it even in Smash 4), she's wearing clothing that very nearly reveals her bare buttocks when she does the pole dance, she has a flirty and sultry little giggle when she does it, and Palutena is known to be conscious of her good body, and is insulted when Phospora claims she's "an old granny" in Uprising, and they get into a verbal cat fight over it. Not to mention all of the fanservice she gets when SHAFT animates her.