Huh, gotta admit the menu doesn't look too bad to me, though perhaps a little strange looking. I'm also a little worried about the loss of Classic mode, or break the targets and other fun challenges /games, but there are two separate icons for challenges and games so I'll have to wait and see more.
I'm guessing challenges are like Melee's challenge stages where you had specific characters in specific fights or the like, while games will involve break the target, race to the finish and the like.
Classic mode seems up in the air, though I remember seeing master hand in a trailer so he's gotta be in the game somewhere.