Falco is still a good character, while not as good as before he's still pretty great. On some characters like Palutena at low percents Falco can Down Throw and get a free Bair. When you do the Down Throw, run and quickly jump and use Falco's Back Air. Don't spam lasers willy-nilly. I recommend doing this from a safe distance because Falco's lasers are pretty slow and very punishable when he puts it away. I recommend using it to cover options. Short Hop and firing the lasers twice makes it hard...
