Wavedashing is optional right now I'd say, it should be looked into more, some slower characters really benefit though and it gives them much more of a chance. Wavedashing with the Ice Climbers or G&W really brings back the characters melee metagames, giving them alot of speed they didn't originally have and much better approaches. The current wavedash is considerably longer than the original though, so it may be overpowered somewhat. Being helpless though after air dodging is VERY GOOD. It makes air dodging an actual decision instead of "slam R to get out of hitstun"
Someone7 pretty much summed up whats wrong with S-canceling ^^^
Hitstun is definately questionable, it'd be best if it could be put on some moves and not others, but that'd take too much coding and we only have 256 lines... metaknight + hitstun might be overpowered, but we'll see.
EDIT: oh and in reaction to the above post, can lightly pressing the trigger be registered? Then maybe we could add light shielding...