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Project Goal:
Project M hopes to achieve a game similar to Super Smash Bros. Melee in many respects. It does not, however, intend to be a 1:1 Melee clone. The following is a list of the main aspects of Super Smash Bros. Melee that inspired and have carried over into Project M:
A fast-paced game
with flowing, organic movement
where the player has a great degree of control over his character due to the technical skill that he's achieved.
The balance of offense and defense changes depending on the exact matchup and playstyle, but overall tends to favor offense slightly.
Offstage edgeguarding is risky but rewarding, while on-stage edgeguarding is safer but less rewarding due to ledge techs.
Recoveries generally require great skill to use, with the advantage usually being with the edgeguarding player, with some exceptions.
The combos are challenging and spontaneous, with anything longer than 2-3 hits requiring a knowledge of both characters' options and some degree of prediction and/or a deep understanding of the mental aspect of the game."
Source:
http://projectm.dantarion.com/about.php