I'm a little disappointed in the Kotaku community. All these comments screaming "OMG GO BACK TO MELEE THEN FGGTS" that don't even really read the article or try to understand the reasoning for such a mod.
Nowhere in the article or the mod's website does it mention they're planning on cutting down the roster. They're simply bringing the melee physics and game mechanics (such as adding wavedash and removing tripping) to the current set of characters and levels in Brawl. How does that not make sense? In fact, one of their goals is to make the game as balanced as possible, so if anything even casual, non-competitive players can enjoy it because it's no longer about using just MetaKnight or Snake.
Seriously people, don't just blindly condemn a group of people for putting the effort into making something they love, especially when you can't be bothered to get the facts straight or even try to understand them. You don't like what they're doing? You don't have to play it.