His Up special is NOT like Diddy's. He can use it a bit at a time, not all at once. He can jump, attack, double-jump, attack again, Up+B, attack, Up+B some more, attack, Up+B some more, attack, etc. without ever having landed. Plus many of his air attacks make him hover up a bit. He can stay in the air for a long, long time doing attacks.
Also, one thing to note is his eye laser is like Wario's fart attack, but without having to wait as long. If you use it again after using it, it won't do anything, you have to not use it for a while. It seems to have 2 levels of charge, but it only takes like 5-10 seconds to get full charge (unlike Wario's 2 minutes). The light on the top of his head is the indicator for how charged it is, but its hard to see it clearly. At least you don't have to stop and do anything to charge it though, its automatic.
Once full charged, its an awesome attack because it does good knockback, has HUGE range, and is piercing so you can hit multiple enemies with one shot. Its great for finishing someone off that's for off the edge of the stage coming back in to recover - one well-aimed shot and BAM, they are dead. Also good for just general use in FFA because people don't expect a sudden laser beam to fire across the entire length of the stage and hit everyone as it pierces - most people tend to focus on one opponent at a time, so its a good surprise attack for the other 2 people not paying attention to you.
His Gyro isn't so great, but does more knockback than you would expect. Its interesting that you can pick it up and throw it again after shooting it - and its hard for others to pick up, because while its spinning there it damages anyone who touches it, so it has extra effect beyond the initial attack from the throw.
His Side+B is pretty mediocre, but you can rapid tap to keep it out longer, it can be tilted left or right, and slows his fall speed.
His air attacks are very poweful but slow. His nuetral air hits all around him and packs SERIOUS punch. His DAir is hard to hit with but is a very powerful spike. His UAIr is a multi-hit move but not very powerful. His BAir is like his DAir but to the side - not a spike, very powerful, causes him some kickback, and is kinda hard to hit with. His Up+B as I mentioned is insane, he can fly up very high or use it in short little bursts and keep in the air for a long time (not infinitely, he will run out of fuel eventually), and can attack between each use.
His FS seemed kinda meh to me, but I didn't get to use it much.
His smash attacks are quite powerful. His grabs are decent damage but not too much knockback, but they look awesome. His spot dodge is hilarious - you have to see it yourself though. His Up Smash is also funny, he flips on his head and kicks his "feet" upwards using jet fuel to add extra punch to the attack.
Overall, he plays as a heavy character - slow moving, strong attacks, hard to kill, but also with a great projectile and awesome recovery and air. Kind of like Samus.