I know, just saying that when melee first came out, everyone preceived characters like Luigi, Dr. Mario and Falco to be worse than their originals, yet they turned out to ranked higher/same teir.
Initital perception isn't a reason for ranking, is my point.
Additionally, unless you're facing an extremely quick mental player, if you take advantage in the change of playing styles, you can really get a jump on your opponent.
As a last point, most likely the real reason we aren't seeing any good PT trainer results in tournies and so forth is the reason everyone says he's bad.
You have to master 3 different playing styles, which no matter how one might argue, is going to take lots and lots of practise, time and tournies to actually get a good grip on what his maximum output is.