Many of us have not been able to play the game unfortunately, but as seen the general impression thus far doesn't need to be mindlessly repeated again.
Unfortunately the arguments i feel aren't the best approach, specific videos are great but in reality you can only use them to get used to timing/physics and see others ideas. The Rob match referenced does show dominance of a vital aspect in Olimar play, dominating the ground and avoiding juggling, but this may be a match between someone naturally able to avoid those situations against the Rob who maybe still needs to develop that part of his game.
My point is everything is still too new to know if Olimar is truly strong or not, but to say that is folly as well. At this stage in the development and community of the game, Olimar is exactly what you who own/play the game make him, every character has potential. If you feel he can be strong, and have the desire for him to be good, he will be until certain advanced techs are discovered which will start to separate and tier the characters objectively. Look how Link was considered one of the best in the game early in SSBM, Azen even wins one of the first tournaments ever with him:
http://www.youtube.com/watch?v=O-xSNzYqHGg
I've gotten wordy again, sorry all, but in closing I'm gonna link one more thing in regards to anything being described as cheap. All games, especially fighting games with constant direct competition, suffer from scrubs calling things cheap, but this article should explain everything.
http://sirlin.net/Features/feature_PlayToWinPart1.htm
-True