Most Hype:
The initial reveal. I was 100% sure we wouldn't hear anything about Smash until E3 2018. And even then, that was a stretch. And then on the March 8th Direct, everyone lost it. It was one of the few times this hype cycle Nintendo was able to catch everyone off-guard. NO ONE was expecting it.
Everyone is Here. Seeing ICs confirmed back, only to have Pokemon Trainer a minute later, followed by SNAKE and PICHU!? They may have only been veterans without CGI trailers, but they sure packed a wallop in the hype department.
Ridley and King K. Rool. While I wasn't fans of these characters, it was very nice to see the many fans of these characters finally get what they have been looking for for years.
Richter. Prior to his reveal, we thought the only thing that was gonna happen was Simon's reveal, with a bunch of filler. A lot of us also had the idea that 3rd Party franchises couldn't have echoes, so we got a good shock twice, seeing that there was more to it than Simon, and that the door was open to secondary 3rd party reps (or echoes, at least).
Kirby Survives. Not much to this one, except for me to recommend watching Nintendo NY's reaction to seeing Kirby crash after escaping Galeem.
Least Hype:
Every. Time. Vergeben. Leaks. HE STILL DOES IT!!!!. All he ever was was a hype killer. All of those trailers, I knew who was being revealed from the first shot. Shot of (whatever it was Ridley's trailer took place in)? Oh. It's Ridley. Shot of a Castle? Oh. It's Simon. Shot of the ring? Oh. It's Ken and Incineroar, all because of them.
Filler in directs. It happened a lot during the E3 and November Directs. There were so many things that didn't need to be explained that just... were to fill the time quota. The veteran changes, the Sprit showcases, and the menus, to name just a few. I know they can't be all hype, but come on. I'd rather not be given the false hope that there'd be more and learn the other stuff on my own, since those of us who actually care will learn on our own.
Castlevania OST getting leaked. This pretty much confirmed Simon getting in, and was pretty much the final validation of Vergeben.
Info Droughts. The months of July and October had nothing to show except a bunch of leaks from 4chan, Vergeben and the Grinch, along with Box Theory.
Box Theory being real. Out of all the theories to be real, the one theory that was involved in killing hype had to be real, and it didn't help that the only two remaining fighters were both leaked by Hype Killer Vergeben. Speaking of those two...
Ken and Incineroar. Ken was predictable and Incineroar was not the right choice for the obligatory Pokemon Rep. They confirmed Box Theory, strengthened Hype Killer Vergeben and killed off the base roster. It would have been much more logical to put K. Rool's, Ridley's or Simon's trailer, since they had a little more going for them, even if they were leaked as well.
All of these Characters getting deconfirmed: Including, but not limited to: Krystal, Knuckles, Zero, Skull Kid, Shadow, Isaac, Geno, Waluigi, Mimikyu, Octoling, Spring Man, Pyra, Rex, Shovel Knight, Bomberman, and Shantae. All of these characters got shafted, despite having dedicated fanbases and things that they would have been able to bring to the table.
Stickers returning in the form of Spirits: All of the buildup for that green mode... for Stickers that deconfirm DLC fighters. Sure, World of Light is nice, and it's cool to see some of the more creative event battles, but it's still just a deconfirmation-filled pseudo-gacha (not full gacha because I don't think there are microtransactions, thankfully).
Shantae's Deconfirmation. Imagine this: There was a Smash Bros direct that pulls to all the stops to deconfirm people's favorite fighters. A savage round of this new thing that deconfirms fan-favorites, followed by a savage round of Assist Trophies, followed by another round of (Ugh) Mii Costumes. You lose some of your favorites along the way, but it seems that your #1 most wanted survived. You now get to enjoy the unveiling of the new story mode. And then, at the literal last minute of the direct... Game Over. Your favorite fighter candidate is nothing more than a sticker with stat-boosts and a scenario. I'm not telling you to like Shantae or not, but to survive all of those deconfirmations to be given a sense of security, only for the direct to end off with your favorite getting deconfirmed. I don't care who you support or who you don't, no fighter with a fanbase that unironically wants them deserves to have that happen to them.