Pros
Transformation 1:
Little lip on both sides people can get caught on
Ramp going upwards can help CG characters that aren't supposed to be CGd
Platforms are great height for comboing
Transformation 2:
CG deaths
Big area makes pikachu survive longer
If you are near the edge, Pika's B-throw will move you closer to blast zone, allowing for easy kills
Statues can replenish moves
If time is low, you can camp because of the size
Transformation 3:
Flat enough to CG (for the most part)
Easy gimps because of odd shape of the underside
Little ramps + duck = hard to get hit
FF fair -> Whatever comboes still work
Transformation time:
can start CGs
Flat and log so you can run away and T-jolt if you want to camp
If ahead by a stock, can grab and force down with you (going to 1st or 3rd transformation
Cons
Transformation 1:
Small so ppl with better close-range combat will own pika
Platforms + some characters U-smash/u-tilt = annoying
Ramp going down ***** Pika's CG, and makes it annoying to combo
Transformation 2:
Heavy characters will never die besides CG/throw gimps
People who outcamp pikachu will outcamp you harder than normal
People with strong grabs at low %s can kill pika
Statues can make strong moves last longer (DK smashes, ZSS ->B, Snakes F-smash)
Statues can make pikachu's quicker attacks last longer than normal, and can get you punished because of it.
Transformation 3:
Pikachu can get gimped under level if not extremely careful
Tilting can effect QAC (Like lylat tipping or YI middle)
Weird angles can mess up your attacks
Transformation time:
Can save people who got gimped
Can interfere with comboes
Overall
Since Pika can CG most of the cast, this is a reliable CP against almost all characters. The large part in the 2nd transformation can make pika live as long as heavies normally do, and yet you can still kill with your CG, B-throw, and horizontal sending attacks. The transformations hinder pikachu less than most characters.
Rating: 7-10, Reliable CP