Again, I'm not sure where the debate is. In a large tournament situation, it is completely impractical to ban things like this. It's like banning DeDeDe's/Ice Climbers' infinite chain grabs. How the hell do you enforce it, while at least 8 other matches are going on?
The suggestion that you can ban certain repetitions of it is absolutely laughable. Hell, it's less practical than an outright ban. What are we thinking here - have someone hold a ticker and count off every single time they do it? I could just see that:
"He did it 70 times!"
"No, I didn't! I was counting, and it was only 67 times! You're just trying to get me to lose!"
And so on until the match and tournament become a gigantic fiasco. No matter what the outcome, the judges aren't happy, the participants aren't happy, and the people watching the matches aren't happy.
Here's an idea: if this technique is so broken, you could always go back to maybe... oh, I don't know... BANNING META KNIGHT?
Think about it. There was SERIOUS discussion about banning him even before all of this came up. Instead of making an arbitrary and COMPLETELY unenforceable rule against this technique, why not use it as the thing that tips the scales in favor of his ban. And if it's NOT good enough to ban Meta Knight, then it's not good enough to be banned in and of itself.
Seems like a fairly clear situation to me.