This announcement was one of the highlights of the Direct for me.
While there are a few things I hope they do with this mode that they haven't already announced, I'll try not to dwell on it too much. As what I AM seeing, looks great. I'm going to really enjoy this mode regardless.
Though I do hope that there is more to it than what is described, as the map looks like you could explore all of it in like, 3 to 4 runs (maybe less with a character like Sonic). Also, it would be nice if they gave us an extra map or two as DLC down the line, or better yet, as unlockables.
Also, while the enemies are randomly generated, it seems like there are secret rooms with treasure and such in them. I feel like that even if they are randomised, there will be "optimal routes", which could make the mode repetitive after a while, because everyone will go straight for those secrets. So I'm wondering what kind of systems will be in place to keep things fresh.
Also, he mentioned that "the dungeon is not the place for players to fight each other". So does that mean that players will essentially be in their own dungeon, and what one player does won't effect other players at all? I'd prefer if it was real time myself. Even if we can't attack each other, it would be cool to get into tense races when players all end up in the same room, trying to snag the power-ups before everyone else does.
Also, it seems there will be puzzle/mini-game elements, like Break the Targets sections in order to progress, or beat-em-up segments where you have to clear all of the enemies to progress. I'm wondering how these will effect the lasting appeal of the map. They might serve as obstacles for getting from one area to another, which is most interesting.
I think this is an excellent way of incorporating side-scrolling gameplay into the 3DS version, and I like how they took elements of Subspace Emissary (specifically the Great Maze), and fused it with City Trials to make a brand new competitive mode for Smash.
I also wonder if they will use this map to create a single-player mission mode, like setting up special scenarios and edited layouts for specific characters. I'd really like that.