I HATE the slime effect. PLEASE remove it. There's so much better stuff that could be done with a new effect. Like making an Ice effect that's purely cosmetic, so PK Freeze/Ice Missiles don't look so weird on hit, and playing Ice Climbers or Ice Samus would feel more like it should. Or a green bubbly "Poison" (visual, not damage-over-time) effect so white pikmin don't rely on that ambiguous purple stuff, and which could also be used on Ivysaur and Wario Waft.
Uair change is strange. Like, why?
Landing lag makes sense, I like it.
Honestly never noticed the Fair/Dair hitlag was different. Kinda weird that it was, actually.
Cyclone change is a major nerf from how it was in Melee, where it allowed a way through Shiek's Uair. That's not a part of Cyclone that needed evaluation, and I hope they re-Melee it.
The Misfire change just makes it apparent to both players when you store it. As in, when exactly you store it, not that you have one stored.
They also fixed how slow edgecancelling GM was. I honestly though that was an intentional decision related to the addition of Misfire farming.
I don't like the Dash Attack change. It's supposed to be bad, making it safer will just encourage poor play. It's neither buff nor nerf, just a stain on his immaculate design.
He can still Wavescuttle, still one direction.
They failed to mention Side Taunt can now be held. Was never a fan of Sakurai pasting that onto Luigi, but I'm sure some will enjoy it.
I think the much more important changes are to WD, shields, and independent L/R, not to mention how everyone else got toned down. Overall I think this is a great (too great, honestly) update for Luigi.
Although, I still pretty much agree with all the changes I've previously wanted, and will never stop bringing up my pet plan of 1-Up jingle on sweetspot SJP, especially when Link gets something as cool as a Big Band taunt.