Character selection is more intelligent this time. It is all about whether or not a character can add something unique, meaningful and fun to the cast while being defining of itself. This has been what has essentially been stated for the direction of SSB4 when we heard the first details about a year ago, and was later stated again in recent interviews. The roster will be all about quality and diversity over quantity.
We all know there are ways to design Palutena so that she is something different from the cast, fun to play, and makes a great contribution to the roster. That leaves a few questions.
1) Has the developer seen a worthwhile vision for the character that makes sense in the grand scheme of the product?
2) Have they already added character(s) that take up too many of her potential assets?
3) Do they have enough time to envision, design, program and play test this character?
I will be realistic and say the chances of Palutena appearing are rather low. She is far from impossible, and I know she has something great to bring to the table. If we have a notably larger roster (which I doubt we will), it is quite likely. But if the overall character selection stays small, it is a question of whether or not the director will want some of the ideas they can come up with for Palutena to manifest within Palutena or in another character from another franchise entirely. Of course I personally would love to see more Kid Icarus, but I am not expecting more than Pit to make an appearance.