Every good fighting game is pretty unballanced as for as there will always be top tiers that beat out the others, its mostly about how much flexibility a game has.
How large the gap between the top tiers and the bottom of high/upper mid tiers is probably the hugest factor, as long as the gap is a workable one then you achieve good balance. It is a bad thing when there is a large gap in someplace.
Now, for the two games against each other....
Metaknight has a larger gap over the others than Fox does in melee. So in that sense you could say melee is more balanced.
At the same time, you could say in reality Fox has the larger gap, because Fox can always be
more and more technical and get faster and faster. So it depends on how you look at things.
Do they both have pretty much the same amount of balance as every tournament great fighting game? Pretty much, some are high on the scale and some are low. They're all good though.
Honestly Rae I think the fact that a lot of smashers have only ever played 2 games in a competitive sense really messes up there perspectives.
This post has been completely stance neutral.