If you're confident in aiming your up special, Lylat isn't so bad. I, at least, am not inclined to die while recovering here. You can use the platform lay-out like a poor man's Battlefield, and while the tilted ground is obnoxious in how it eats Shooting Star Bits, it's not so bad overall and messes with your opposition as well. Lylat is also a stage a lot of players are *very* uncomfortable on, and I like to use that to my advantage. Just think about it. If you have practiced well on Lylat and know you won't SD when recovering, that can't happen to you. If you figure half of the players have not done such practice and have a non-trivial chance of SDing when recovering on Lylat, what happens when you go to it? The stage is probably close to fair in most match-ups so a typical outcome here is neither better nor worse than what you would have gotten otherwise, but you have a random chance of being given a free win when your opponent messes up but no random chance of losing since you practiced recovering on the stage. That's a gamble with no downsides at all, and that's why I very rarely strike Lylat Cruise in tournament. I do, however, usually find something better to counterpick.
That being said, watch out for Pikachu here as he has a lot of really clever cancels; against a smart Pikachu player who knows the tech, you might want to opt out. I also think Lylat is a pretty good Diddy stage and Diddy is already Rosalina's least favorite match-up so you might want to think about that too (I'm not sure if it's really particularly better for Diddy than other stages though; Diddy seems to do well across stages), but I can't think of any other match-up where this stage really bothers me.