I think Project M is better for people who do play Melee to be honest, though then again, you probably have to be a Melee Fox/Falco user to actually play the respective characters in Project M.
If you actually play Melee competitively, this game wont mess you up pretty significantly, even if several skills do transfer over.
On the other hand, for people who haven't yet gotten into Melee seriously, they should be able to appreciate a more balanced cast under a similar engine. But yeah, this truly live up to what Melee actually is.
I personally think I'm good at transferring from different versions of Smash, but the way Project M tries to be so close to Melee but is so very subtly different isnt REALLY annoying from an execution standpoint. From talking to my friends who also play Melee, I get that they feel similarly about the issue.
What would be reeealy awesome is if Melee had an unofficial competitive balance patch akin to what Balanced Brawl did for Brawl...you know, for bad people.. like A2Z.