Mornin'folks. I have an hour or so to kill, so I'll explain some of my decisions:
Geno over Bowser Jr? This is a tricky call, since I still think Bowser Jr. is still a logical choice for a playable character. However, in order to accomidate the flood of returning characters (stupid Ice Climbers...) I had to limit the big 3 (Mario, Zelda and Pokemon) to the same number of character slots as in Melee. I went with Geno, because Sakurai has mentioned the character numerous times and he seems to bring more uniqueness to the roster.
Sheik: *Glares at Samusrules93*
Why no Lucario?: Because Pokemon Trainer has unique 3 movesets, that's why. 6 unique characters is a big improvement over the 3 characters and 1 clone in Melee. The return of Jiggs and Mewtwo is a bad omen for Lucario and any more Pokemon newcomers.
Mii is cut?: Sad, but true. In the Wi-Fi update, the Mii icons lacked the thin line around their squares that all the playable characters have. Why would Sakurai reveal this if he was planning Miis as a playable character as well?
Why all the **OR** slots? Shut up. That's why.
Sonic? SONIC?! WHERE'S SONIC?!?!: Ah, the controversy. Here's the deal: if you accept that A) there is only going to be around 40 playable characters and B) Characters like Sheik and Game & Watch are returning, then that doesn't leave a ton of room for 3rd party newcomers. In fact, when Sakurai's only confirmed quote on the matter is "maybe 1 or 2 more" you have to wonder if perhaps Sakurai isn't even interested in seeking out more characters outside the Nintendo camp. And frankly, I would have expected to hear SOMETHING by now about Sonic or Megaman (at E3 or on of the other recent game shows) if they were being made as playable characters.
Ultimately, I went with 2 more 3rd parties: Geno (a character that Square could care less about and would likely be very easy to get the rights for) and Simon Belmont, who is owned by Konami like Snake. Unlike Sonic or Megaman (who's inclusion would require negotiating with 2 separate companies: Sega and Capcom) Konami has already demonstrated that they are open to including their characters in Brawl. It's not ideal (I would like to to reps from all the major Japanese game publishers) from I think it's not unrealistic. I'll elaborate on this more in my updated "runner up" list.
Anywho, that's all for now. Keep the comments coming.
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On a completely unrelated matter, check out the sheer awesomeness that is my new favorite upcoming non-Brawl for the Wii:
http://www.gametrailers.com/game/3242.html