Hey, Gamefaqers (Is that the right term to use? Lol.) Just to get this out of the way now, I am not a leaker. There is no way that I can confirm nor deny that this information is true. It is all unverified rumors unless otherwise proven true. I just made this account today in order to post these rumors. Now that that’s settled, let’s move on to how I got this information. I do not have a friend who conveniently works at Nintendo/Sora Ltd/Namco-Bandai. I am basically part of a special society of people who do intensive research on the game by completely legal means. It is impossible to easily explain what we do. However, I can tell you we don’t browse files on the companies’ computers, or play test demos, or work with Sakurai, or do any of that harebrained stuff. People who claim to do this are just pulling your leg. You probably already knew that, but after looking through some of the “leaks” posted here, I felt the need to clarify just in case.
I’ll try to make this rumor list as concise as possible for your convenience.
-Link's Gale Boomerang and Toon Link's Boomerang return.
-Kirby's Swallow returns. A new mechanic strengthens his swallowing power when B is repeatedly tapped.
-Olimar's Pikmin still max out at six, even though screenshots only show three.
-Falco, Wolf, and Captain Falcon return to the battle. Starfox and F-Zero crossover is coming to WiiU soon.
-Diddy’s Monkey Flip returns.
-Palutena joins the battle. Main method of fighting is by swinging her staff.
-Pit's Final Smash remains unchanged, though Palutena does not appear in the background if she is being played as.
-Crates and Barrels return.
-Toon Zelda and Tetra join the battle. Magic Bar involved with moveset. Toon Zelda can steal magic energy from opponents, Tetra can steal held items.
-Panels are a new item. Explode when the player makes contact with two adjacent panels.
-The Frog Prince joins the battle. An anthropomorphic frog wearing a red cape. Main method of fighting is whipping with his tongue.
-Frog Prince stars in an upcoming WiiU title by Intelligent Systems (creators of Paper Mario and Fire Emblem) and is the two-player partner in Yoshi's Epic Yarn.
-Charcters that did not make it as newcomers: Cranky Kong, Genesect, Hawlucha, Ray MKIII, Bandana Dee, Lucina, Mach Rider, Kamek, and Saki Amamiya
-Trophy Stand item is removed.
-Subspace Bombs appear in Adventure mode. Sends the character into the Subspace Battlefield. If you have played Kirby’s Return to Dreamland, you may know what to expect.
-Every character has a second form, only in the WiiU version. Known forms are Mario in Cape & Fire Feather form, Villager with the Golden Tools and horned hat, Kirby with a glowing star on his forehead, Fox in Arwing armor, and Rosalina & Luma as Cosmic Spirit and baby Ztar.
-Finally determined that Phantom is a new item, works differently from normal items. It falls down on the stage just like any other item, in a sleeping state. Attack the back of it to take control. Moves left and right depending on where you’re facing. You lose your jab, side tilt, and dash attack in exchange for different, “commands.”: Heavy downwards slash for jabs, sideways slash for side tilt (as shown in Zelda's gallery,) and dash attack makes it leap forward, slashing down on the enemy. Automatically reflects projectiles with its shield. You can even distance yourself from the Phantom and it will still follow your commands. Attacking the back of the Phantom while it is under someone else’s control will destroy it.
That is all the information we have gathered for now. I can’t stay and answer questions, as we have a really important meeting tonight. I will probably be back someday, but for now, I will be leaving you all with this.