M.K
Level 55
In the new commercials (and probably in other gameplay videos as well), when someone gets KO'd, the color of the blast that comes from where they were KO'd is colored depending on their Player #.
Player 1: Red
Player 2: Blue
Player 3: Yellow
Player 4: Green
http://www.youtube.com/watch?v=5Jcrxbn6LQ4
For Instance, when Link (P1) Fox (P2), and Peach (P3) battle on Lylat Cruise in the above video, Link KO's both Fox and Peach, and you can see that Fox's blast is blue, while Peach's is Yellow!
Player 1: Red
Player 2: Blue
Player 3: Yellow
Player 4: Green
http://www.youtube.com/watch?v=5Jcrxbn6LQ4
For Instance, when Link (P1) Fox (P2), and Peach (P3) battle on Lylat Cruise in the above video, Link KO's both Fox and Peach, and you can see that Fox's blast is blue, while Peach's is Yellow!