So, as a Ridley fan, this Direct had a definite downside. There was a huge amount of info (more than what we got at E3, even), so let's consider it.
Miscellany:
+3DS release date is summer, earlier than I dared to hope for!
+Custom movesets, while of course not likely to be used in tournaments, still could be a lot of fun to mess with.
+Lots of music for Wii U version!
-Wii U version should come out first to help the Wii U's flagging sales. You know how many people have been saying they're just going to get the 3DS version so they don't have to buy a Wii U? They should be upset about how they'll have to
resist buying a Wii U when Smash comes out, not happy they don't have to. If the Wii U version were farther along, as Nintendo I would delay the 3DS version purely for strategic reasons, not even caring if it was already completed. Getting the install base on the Wii U up is more important than a little bit of extra sales for the 3DS. That said, if the Wii U version won't be ready by summer, it won't be ready. And some of those people might change their minds due to the siren call of HD graphics, better music and proper controllers, etc.
-Not so much music for 3DS. This makes sense though, it has more limited space...
Online play:
+Smash Run looks like it could be a lot of fun
+For Fun and For Glory are good ideas
+Skill-based matchmaking is very needed. I assume there's some kind of hidden skill rating...
-For Fun should allow Final Destination - the stage is not inherently unfun, especially with items...
-For Glory should have other stages. At the very least it should have Battlefield.
-Rating system is confusing... but maybe it will make more sense later.
Stages:
+Final Destination looks great
+Final Destination forms of other stages is a great idea. I wish they extended it to Battlefield.
+Wrapping Balloon Fight stage is interesting... only star KOs and falling in the water, I guess?
+Kanto Pokemon League stage is intriguing...
-Mega Man stage looked fun with the platforms, but now I have to deal with this Yellow Devil gimmick or have a FD variant. No middle ground. I love the Mega Man music though...
-If Ridley is a stage hazard, it's another stage with a huge hazard messing it up. I don't mind some hazards, but I don't like the ones that actively attack you.
Items:
+My god we got a lot of them. Counting the ones in the press kits, by my count we had 11 ATs, 21 Pokeball Pokemon, and
54 regular items shown. Of those, 16 were new regular items.
+In fact, almost all Brawl/Melee items have been seen.
+Some cool ATs, like Dark Samus and Elec Man
Veterans:
+No more transforming characters! I barely ever used them anyway, and now Zelda, Sheik and Charizard get new specials! With standalone Sheik I don't have any reason to want Impa anymore (since I don't want clones).
+Sheik seemingly has gotten rid of the Chain attack, which was crap (we saw her needles)
+Changes to ZSS and Yoshi look good overall
+Changes to Pit and Charizard look interesting.
+Changes to Olimar might make him more balanced? Hopefully it wasn't only about technical limitations...
+Got to see some Final Smashes in action!
+/- Dedede only getting Gordos seems broken. I assume they must do a lot less damage, because otherwise that'd be ridiculous.
-ZSS's heels look dumb. She looks like a space go-go dancer. The same change was possible without giving her bright yellow heels.
Newcomers:
+Wii Fit Trainer moves look interesting. I'm surprised some people don't like it, considering the most common complaint before was that she was boring... It also seems the Hula Hoop move sort of gives a projectile.
+Greninja looks like he might be cool to play as.
+It seems we've seen all the newcomer Final Smashes now (assuming that moon silhouette thing was Greninja's)
-Greninja does not excite me as a character. I don't hate him, but I'm really more of a Gen 1 guy (mostly since that's the only one I actually beat).
Disconfirmations and other changes to chances:
+Mii took a serious blow
+Palutena practically confirmed
+Earthbound and F-Zero content returns... not that Ness and Capt. Falcon were in much of any doubt
+Lack of Snake... not that he can't still return.
-RIDLEY!! Sakurai... you better be trolling, because otherwise that was some tactless BS. Not only a heavy blow to my second most wanted, but just really poorly done if he is indeed a stage hazard.
-Bandana Dee fans are going to blow the Dedede change out of proportion
Overall a lot more good than bad.
Considering I already got my most wanted in (Mega Man) and my third most wanted, K Rool, is still alive (and slightly boosted by Kremlings), I came out alright. Some others I like came out alright too.
Overall: My satisfaction is
90%.
Magikoopas are deconfirmed, not Kamek.
Kamek is the name for Magikoopa in Japan (and parts of Europe). He doesn't have a unique name except in the US. Basically he gets called Kamek in the US whenever he's a story-relevant Magikoopa, but in Japan there is no distinction.