Sad but true my Toad friend.
I actually think Phoenix Wright might be considered as a Capcom rep but I believe both Megaman & Ryu stand a better chance against him.
I like Ryu but i find him a little bland for Smash, at least when you look at his design, as opposed to Megaman who has his original "classic" style, not to mention the X series as well, I'm not to familiar with his Battle Network and Legends appearances lol.. nonetheless Megaman seems interesting enough, at least more than Ryu IMO.
Like Star said; I truly hope Capcom hasn't ignored Megaman completly, maybe it's just a publicity stunt to gather hype, hopefully that's the case since I'd really like to see him as a DLC in UMvC3 as well, *maybe*.