Ok this is what I'm guessing so far:
Pit
Advantages
-Great aerial mobility, with the ability to jump very high and glide.
-A bow being able to weild and shoot normal (fire too?) arrows at high speeds.
-A mirror shield being able to reflect Fox's lazers and covers him from his chin to feet while standing up.
-His bow will be able to change into dual blades, for quick, slashing attacks in close-hand combat, giving Pit a range advantage.
-Pit's ability to fight effectively in the air and on the ground make his combat skills well-rounded
Disadvantages
-Practically no worn armour
-May take a bit too long to shoot an arrow, losing him precious time in a projectile vs. projectile fight
-Being shot in the wing may make him lose the ability to fly, just my opinion though I'm not sure how strong him wings are.
-Mediocre ground speed if compared to Fox, so Pit would want to stay airborn perhaps if approaching
Fox
Advantages
-His lazer pistol gives him a rapid fire and speedy shot. One shot could be very fatal to Pit, as he has no armour without his mirror shield.
-He has a reflector although the ability for it to reflect Pit's arrows is unknown for now. It covers his whole body.
-He has outstanding ground mobility
-Very agile and a skilled fighter (but Pit is also a skilled fighter, just a different style.)
Disadvantages
-He is unable to perform any attack options while using his reflector
-Though he has some thin armour around his torso area, it is still probably ineffective and irrelevant to this matchup
-He yields no close-combat weapon unlike pit, so he has to rely on his agility to get passed Pit's dual blades.
-His inability to fly gives Pit the advantage overhead.
About their projectiles:
Pit: His arrows can move at a fast speed, and Fox's reflector may not provide protection against it, but no matter how skilled Pit is his arrows are slightly affected by gravity and other natural elements and the time it takes to reload another arrows and take aim can hinder him with a storm of lazers coming his way.
Fox: His lazer can shoot rapid fire lazers that are uneffected by natural elements and since it is as small as a handgun and as easy to shoot as pressing a trigger, I think his projectile is better overall. However, Pit's mirror shield WILL easily reflect these shots, so getting a shot to actually hit pit may be a probelm for Fox
About their close-combat:
Pit: He just might have the advantage here. His bow converts into dual blades (two small swords), and since he is a skilled fighter his skills with them should be incredible. They give him more range than fox, are easily maneuverable do to their size/design, and I'm going to assume are going to be stronger and more lethal than Fox's paws when a hit connects.
Fox: Fox has no weapon for close-combat other than his two fists (paws ^^). I'm not sure if he has claws (verify someone?) but if he does I'm pretty sure they aren't longer range than pit's dual blades. The only way I can see for Fox to win close-combat is to use his immense ground agility to bait Pit to slash one way, and then follow up with a hit to the part of his body that is open.
Where they are even
-Both have an effective projectile
-Both have a reflector (but I'm not sure if Fox's can be used against Pit's arrows)
-Both have agility in their elements, but less in their opponents.
-Both are skilled and experienced fighters/leaders
-Both have very limited, if no, worn armour.
OUTCOME
600:400 in Pit's favor.
Both have an effective projectile and reflector, and their projectile and reflector have their disadvantages that balance them out. However, Pit has the option of shooting from the air giving him different shooting angles/more flexibility, so this may hamper Fox in projectile fighting. In close combat, I'm pretty sure pit has the advantage. His blades are longer ranged and more fatal than Fox's fists, even with claws, and I'm sure Pit has to be pretty agile and quick with his blades since they are his main weapon up close. All in all, Pit has slight advantages everywhere, the way Fox can win is by getting a shot at Pit's wings, giving him the inability to fly, or find a way to find an open shot around Pit's mirror shield for a fatal lazer to the face/chest. In close-combat, Fox needs to bait swings of the blade and and then use his agility to get a shot at where Pit is open, but most of the time I think Pit will be skillful enough with his blades to avoid these kinds of situations
Whew that was a lot of work tell how it looks so far =)
EDIT: haha this was my 200th post w00t ^_^
