No. I'm not missing out. I've seen the best of them, like the Wolf mod for Wii U. But, you shouldn't legitimize mods. They shouldn't be placed on an equal pedestal as the official creation. I can't in good conscious say that the Wolf mod for Wii U remotely satisfies me in place of him actually being in the game. It would be an insult to Nintendo and its characters if I acted like it did.
I think good mods should be admired, but they should never be treated as if they are official games (like Project M).
I kind of find it insulting that Project
Late reply, but, if it turns out that someone subjectively considers an imitation to be better than the original and more fun to play, fun > corporate loyalty.
The Wolf mod on its own is a bad example as smaller mods like it are very restrictive (there is no community built around it, you can only play with people also using it or locally) so an official Wolf is better, though.
If someone legitimately prefers the gameplay of, say, Project M over any official Smash game, does it make sense for them to restrict them to a game that they consider less fun?
Personally, SSF2 is the Smash-esque game I play most despite being a free Flash game (and I already do own every official Smash game, BTW.) I like how it handles playing on a keyboard, the physics that are a mix of different Smash games, and the newcomers and stages. Sure, it is a rip-off, but it's one that they've been working on for over 10 years, with tons of coding, new remixes, and new sprites put in.