So, I took a couple of hours to compose my thoughts on what the direct showed us.
I'm kinda indifferent about Ken's inclusion, but I believe the trailer showed him off in a fairly good way. Incineroar being the newcomer got me pretty excited though and after seeing all the rediculous wrestling moves helped me want him more (He was also my starter in Sun/Moon, so that helps even more so).
Piranha Plant is definitely a WTF character, and I feel like any leaker claiming he was going to be a fighter would probably been called insane. Will definitely be trying these three (as well as every other character).
I am a bit disappointed that Isaac shows up as an assist trophy, but I am happy about some other ones which I feel could only work as assists, like Tiki and Dr. Wily. The Fatal Frame assist trophy also feels like a pretty nice way to represent that franchise.
I'm a bit on the fence about Spirits. On the negative side it kinda replaces trophies, which I did enjoy looking at (as well as the descriptions), with images we've seen before (similar to stickers in brawl). On the other hand, it could be a good way to show much more from all the franchises. I do hope that the spirits have descriptions and a way to upgrade the lower ranked spirits. My heart did sink a bit when I saw Shantae as a spirit, but it could open up new opportunities for her.
As for the story cutscene... I know that some characters were silly in it (looking at you Wii Fit Trainer), I still feel like its worth mentioning that pretty much everyone just got evaporated/captured with Kirby (of course!) being the sole survivor. All I can say is this... how is that fun Sakurai?! (On a serious note I'm pretty sure he was meaning they was focusing on the gameplay aspect).
So overall, I'm not super impressed with the direct, but it was going to take a lot more than one "eh" smash direct to make me cancel my pre-order.
And 'cause this is the Shantae thread, I feel like this may help Shantae chances as DLC more than hurt her. It, at the very least, lets Sakurai and his team tell us "We acknowledge her existance" which is a fairly decent first step.
I don't think they'll only have 5 DLC characters, since I expect the switch to last about... maybe 5-6 more years? I suppose it kinda depends on what the development team thinks. But for the moment, only time will tell.