JFox
Smash Hero
Someone asked about this in Cort's thread, so I thought I'd post it so people that are uninformed can know about it.
Quick lesson on the peach's "jump cancel". First, how it works.
Peach's double jump first goes down before it goes up. So when you jump from the ground, than quickly do a double jump, the double jump will push you back down into the ground and you will land. You will see peach do a quick stutter motion looking like she is about to jump, and all of a sudden she is back in standing position.
To perform, simply press X or Y twice in quick succession (I suggest you don't use Up on the control stick simply because it will hinder your ability to move or attack quickly after the jump cancel. It has to be fast enough that you don't ever get off the ground before the double jump input.
Uses:
When you shield, there is a slight lag between dropping the shield and putting out an attack. (Notice how in brawl people can attack out of their shields faster because there is less shield drop lag) In order to get out of a shield without going through the shield drop lag, people jump out. Now because peach is the only character with a jump cancel, she can technically get out of shield faster than any other character because of this technique.
When this technique is done out of a shield, some call it a "shield cancel" (SC). You can SC dsmash, you can SC fsmash, you can even just SC in to a dash attack, or even just start running.