Ok, I've been playing A LOT of For Glory today. I've faced quite a few Little Mac, and tried him myself. And I don't want to disappoint but no matter how big his pros are the cons are "impossible" to fill. Smash 4 is a new game and you get knocked away quite a bit already at early percentage, even if it is a bit harder to get KO's due to larger blast zones. This is devastating for Little Mac because he just can't get back where any other character in the cast would be able to due to horrible recovery. I've not lost a single match yet because it's so easy to abuse (but yeah, I haven't exactly faced M2K quality players haha).
On the plus side, holy **** the power and super armor on so many moves. I might have sounded sceptic but on the other hand Little Mac is scary to face, he can be at your face in an instant smacking you with a super armor dash punch you can't react to (or you've already made an attack and can't protect) and that just deals a lot of damage, and the KO punch is always scary. So yeah, I think Little Mac is pretty nicely balanced but I just can't see him making it at the top level of play.
And lol it feels so strange to use aerials with Little Mac, it's as if he's not even bothering trying.