Seeing how we were doing some Toad talk, I guess I'll give my own opinion of him.
Toad is the last of the original 5 Mario characters and the last of the 8 characters from Mario Kart 64 to not have appeared playable in Smash yet. He's been in almost every Mario game and usually gives Mario assistance whenever he needs it. He's even had his own game, Wario's Woods and is being shown as a playable character and has his own minigame in 3D World. He's also been given reoccurring roles in the New Super Mario Bros. games, beating out characters who could have been chosen over him such as Wario, Waluigi, and to an extent, Yoshi. As time goes on he seems to be gaining bigger roles, going from a person who tells you that "The Princess is in another castle" to an assistance helper giving you stars and power ups to becoming a fully playable character. He's also a very liked character, mostly receiving positive feedback and given some promotion along with the other Mario cast.
Playstyle-wise, he could be very unique character being a small, but strong and fast character. He could use both items as his attacks, such as the Poison Mushroom, along with Power-Ups, like the Propeller Hat. He could also have his own moves like Dig, which brings him under the ground and he quickly pops back up after a set amount of time, taking advantage of his quick digging skills.
As for the, he's Peach's attack argument, Sakurai already said that not everything is final, and with his Trollish ways, he could easily be trying to trick us again and he could quickly change Peach's Toad to a different color, which would hardly take anytime at all, and if he doesn't the Blue Toad is always a possibility, and using an argument against the Peach argument, I'll use another argument Anti-Toadians use, he's generic. So, it's obvious that the Anti-Toadians can't make up there mind making their argument even more invalid, especially when there is A toad and there is The Toad. As The Toad and the species have 2 different names in Japan.
That's my look on it at least.