I said I would post my thoughts about this in an earlier post I made on this thread, so here we go. Time to throw my hat into the ring.
I was originally strongly anti-ban back during the fourth community vote. I still lean towards the anti-ban side, but I have now become officially neutral again regarding the banning of MK. I read through the 4000+ post thread (pretty easy to do actually when a good deal of the posts are one-liners or just post some random gif/jpeg) and I've read through the constant circular debating going on between each side.
Both RedHalberd and Pierce7d bring up something that has really intrigued me and made my gears turn regarding MK and the state of Brawl. I think we can all agree that we can name at least one person who has quit Brawl recently due to whatever reason pertaining towards their distaste of the game. There's no need to elaborate or make a massive wall of text to get the point across: Brawl is slowly, but surely declining in terms of tournament attendance. The game is starting to show signs of peaking. I should know first hand, considering I took a hiatus from the game for a few months, and my region of Oregon really doesn't have that much going for it in terms of the game. The Melee community here is small, but it's there (I say hi to Zodiac and Grunt!). I haven't seen much of the Brawl community during my hiatus, but it seems like after G.O. 2.0 (which was like our biggest regional that happened during my break), there hasn't been much in terms of growth.
I'm not trying to be a pessimist, but I'm looking at other regions across the entire Smash community itself, and a correlation appears to be developing: an increasing number of people are getting fed up with Brawl (a good deal of it pertaining to Metaknight combined with the gameplay) and are quitting. How else do you explain the HUGE driving force behind hacking Brawl and releasing several different Brawl hacks? (Brawl+, Brawl-, Balanced Brawl, and now Project M) I think that should be a clear message of how many people have become so frustrated with normal Brawl that they have taken matters into their own hands.
Right now, the community is in a lose-lose situation. If MK is banned, not everyone is going to follow the ban (i.e. New Jersey) and will continue to hose MK in their tournaments anyway. This will obviously conflict with the regions that do ban MK, and it will only further increase friction in the Smash community. Further problems will almost certainly occur down the road when regionals and especially nationals come about, and you have a regions fighting for if MK should/shouldn't be banned in such future big tournaments.
If MK stays unbanned, the game's popularity and amount of people who play will rot and decay from the inside out. The mid-level of play is the foundation of this game. It's what creates big pots, which allow for bigger tournaments, bigger venues, and general increase in the overall quality and viability of tournaments. Without mid-level play, all of this is no longer possible. The support for the game quickly falls apart, causing the Smash community to either:
A) go back to Melee/64
B) turn to Brawl hacks over vBrawl
C) self-destruct altogether
All of which are not good outcomes. C is obviously the worst-case scenario, but it doesn't take much for a gaming community to give way when the popularity of that game starts to erode.
I am still very torn about this issue, but if I were to vote right now (i.e. not stay neutral), I would vote anti-ban. I'm not strongly anti-ban however. Like I said, I'm in the region of anti-ban to neutral.
Right now, it seems like picking between the lesser of the two evils. Damned if you do, damned if you don't.