I've had enough time to think over the Direct now, and my main beef is that this game doesn't really seem to be Ultimate outside of the roster. Nearly every stage is brought back from a previous game, with the only adjustments being graphical upgrades for stages from 64 through Brawl. It seems like a ton of music is either straight rips or old remixes, even more than usual. Modes seem especially light, with seemingly everything gone but Adventure Mode, All-Star Mode, Spirits (which seems to be an Events replacement, which is fair), and the usual regular Smash modes. Adventure Mode could be cool, but it really does just seem like the Spirits battles but you walk around on a map between them. Equipment didn't seem to be especially well received in Smash 4, or even hated; it just didn't seem to invoke a reaction from anymore, so I don't know why they doubled down on them. Custom moves were also removed, even if you didn't like them, that's a notable cut. I can't say as to whether the online changes will be good or bad, it depends on how the matchmaking priority will work.
I'm not even really salty about the characters. The only characters I could really say I supported out of the Grinch leak were Geno and Banjo, and I'm not really dedicated to them. Snake coming back was the big highlight for me. Piranha Plant seems like a cool and wacky character, but my problem is that he feels out of place. In a game with so few newcomers, each one is going to stick out that much more. If Piranha Plant was a Smash 4 character, I doubt people would be nearly as incensed. But here, when he'll be the 7th newcomer, it stings a lot more. I think that's what people confused by the outrage need to understand. Honestly, it's made me decide not to go for the season pass. A $5 discount isn't worth the gamble of whatever bizarre choices Sakurai picks, so I'm voting with my wallet on that one.