Chains -
http://www.youtube.com/watch?v=3bxRCPbk_E4
This is basically what I'd have in mind. Combos aren't long strings like in, say, BlazBlue, but they get the job done and are more SF4 length. This gives you more of a ground game that was lacking in Brawl.
Along with the above, you can chain two aerials at a given time and you can jump cancel aerials for a max of 4 aerials per most most characters. Characters with multiple jumps, while being able to jump cancel their aerials, will have to use mixups with DI to inflict their damage. This is because they cannot chain aerials.
I actually like this idea.
DI will still play a part in these chains as the opponent is still forced to make a guess as to what you'll do (It's actually not that bad when you think about it), but chains will speed the game up significantly.
Revamp Final Smashes -
Most of the final smashes in Brawl are either OP or just plain suck. What I'm thinking is that you incorporate a super meter and you have access to two attacks: The Super Smash and the Final Smash. The former is a super move akin to other fighters. These may simply be a predetermined combo, a balanced Final Smash, or something else entirely. These would cost half your meter.
A Final Smash is akin to BlazBlue's Astral Finishes, but are cinematic like the infamous fatalities of MK. These have specific conditions. Your opponent must have one life left and have 100%+ damage. You can combo into these Final Smashes, but these cost you your entire meter are incredibly unsafe if they don't land.
I'm not much of a supporter of this. I guess I'm neutral with this super meter idea. It might affect how unique brawl is. Unless, Sakurai may do something to make it seem "Smash-like" despite the concept being like SF.
Special Canceling -
To expand on the chains from above, you can now cancel normal attacks into specials. This can lead to setting up otherwise unsafe attacks or simply a means of dealing some solid damage. To cancel, you must buffer the input of your special as you attack and then press B to skip the normal's recovery and go straight into the special. This is an important aspect of combos as these were actually the very first combos made, and it was by accident.
This is also a great idea.
Jump Canceling -
Different from the current Smash version, this jump canceling allows you to cancel a normal and some specials into a jump. Most jump cancelable attacks will require timing like special canceling, but others may have different windows. For example, in Balanced Brawl, Fox can jump out of his SideB at any time as feint.
Turn Around -
A seemingly useless mechanic, but it's an important aspect of your mixup game. Basically, with the inputs of A+B in the air, your character turns around in mid-air, a concept currently impossible in Smash. This gives you a wider array of options. For example, I can run away, turn around, and do Capt. Falcon's Knee as I'm running away, allowing me to be defensive on my escape.
To expand on the chains from earlier, the Project M example provides a flowchart. Once you get to know the game and this flowchart, you can use it to both protect you and help you inflict damage. For example, after attacking with a Tilt attack, my options are either to cancel into a Smash attack, a special, or jump cancel into an aerial. If you can use this to your advantage to counter DI, you can keep your self defensively unpredictable and on top of your opponent when attacking.
Along with the above, I want dash dancing and dash momentum back from Melee and make landing from all aerials the same, like three frames or something.