I was checking this mod out as a replacement to Brawl Minus (which personally gets boring after a while!) and the physics changes are the most amazing thing on the planet, and the devs have gone a really long way to balancing all of the characters in the metagame. I personally am loving how Ike plays, and how his offensive, high power style seems to flow right with the physics of the game. I tried going back to B- after this and it was just clunky and nothing seemed to come together properly, no matter what character I used.
I am of the mind that it's not even the characters of V-brawl that make it feel slow and clunky but the mechanics of the game itself feel like it's conflicting with the pace of the game and it just causes turbulence everywhere. So as such the physics-level changes that this mod brings are a godsend to the game and it's competitive balance. Characters that have been dropped to the lower tiers because of their options being pruned by VBrawl devs (Fox, Shiek) or characters that could not utilize their offensive style (like Ike) are brought up to the level of the top tier characters and the entire game has been made more offensive with an emphasis on movement and technique rather than raw framedata (which is what I feel that Vbrawl suffers from due to it's poor physics and character design)
Also: I have to say that Skyloft is one of the prettiest maps that I've seen in a very long time and I hope that the devs make more maps that are similar to it that are very fun to play no matter who you are playing with. The fact that the AI is also now very competent at what it does also pleases me because sometimes you just can't play with friends and the AI of old Vbrawl is just plain boring because it either cheats or is too dumb to utilize it's own attacks.
I can't wait to see more of this mod as it develops, a live updating Brawl mod that has a metagame focused on tournament play, I am very pleased.