1) Fox
2) Falco (I don't think he'll ever be #1, in my opinion)
3) Sheik (I'm not 100% if she should be above or below Puff, but she certainly has less problematic MUs, that being ICs. Sheik/Puff is not that bad)
4) Jigglypuff (Slightly overrated, but still good)
5/6) Marth/Peach (I'm not being cheeky, I seriously think these two are even. Marth has slightly better MUs vs spacies [mainly Fox], and an amazing neutral, combo, and edge guarding game, his weaknesses lying mainly in the holes in his hitboxes [no lasting hitboxes hurts], long cooldown on moves, and a less than stellar recovery. Peach's neutral is lacking vs most chars [her neutral vs Falco is actually really good, imo], and her initiation is poor, but she has 3rd best shield pressure in the game, and an amazing followup/combo/edge guard game [edge guarding is somewhat worse than Marth's, but not too badly]. She also has literally frame safe aerials, and relatively low cooldown on most of her moves. For now, I think this makes the two even).
7) ICs (Underrated, extremely strong punishes)
8) Falcon (Slightly less underrated, extremely strong punishes, gets WRECKED by spacies, though, so I can't put him above ICs)
9) Doc (may be better than Falcon. Not sure.)
10) Ganon (Grab game is really, really underrated)
11) Pika
12) Samus (Just OK, imo)
13) Luigi (Not sure if he is or is not better than Mario. Needs more development)
14/15) Mario/DK
16) Young Link (His speed puts him over Link, imo. Can't get camped/isn't subject to keepaway as hard)
17) Link
18) Yoshi (I think he's better than people give him credit for, with his potential for tight shield pressure, pretty good combos, and an aerial CC. I think his defensive options seem to be better than what he's given credit for, but not being able to jump OoS still hurts. Light shielding/parrying help mitigate this to some degree)
19/20) Zelda/Roy (Who knows, really)
21) Mewtwo (Yeah, that's right. Below Zelda)
22) Ness
23) G&W
24) Bowser
25) Pichu
26) Kirby (Last three are interchangeable. I advise to not take this list that seriously past Yoshi)
Just so I have it on record, not so much that it's important.