Have YOU ever played Melee? M2 had almost no way to approach with out some sort of mindgame of shadowball trick, and maybe the occasional teleport crossup. Falco ***** M2 in Melee, because of lasers (like everyone else, so I see your point there) and because of plenty of other reasons, like lack of a fast defensive options and low priority. In my mind, the matchup is something like 80-20 Falco, so yes bad matchup, he had little or no chance to win. But what about Marth, Fox, Shiek, Falcon, Jiggs, ICs, Peach, Ganon, Doc, Link, YL, and plenty of other characters. He needs some sort of approach that will work a lot of the time.
But I think Kaiser's right, we need to determine what kind of character M2 will be and what weaknesses he's going to have, because all we are doing right now is saying: "Well let's make him a disorienting super ninja that will pwn N00bs!" That's a bit too general. Do we want him to be floaty light character like in Melee, but buff up his moves to offset this? Do we want him to be campable? All we have down right now is the good recovery.