I'll keep an eye on it, but in terms of a demo...Coulda done more or been allowed longer in dev. The only thing 'changed' for falco that I can really see is maybe sh and the obvious l-cancel n wavedashing. His utilt, his reflector, even his lasers don't seem changed. Marth is relatively unchanged, although that's a given as the only real change on him from melee to brawl was the range of his sword, and while the nerf (in my opinion) was a tad overkill, it doesn't really need changing and he's just been brought back a bit more to his melee form by wavedashing. The lack of a double fair without another sh via your mid air jump is going to affect his meta game, but then again he's not the only one. All characters are limited by that, so it'll make a unique metagame not like melee's or brawls, but a project m exclusive playstyle (hopefully)
Falcon seems a great deal like his melee counter part except for the hit detection of the knee sweet spot (though thats more a melee vs brawl thing than a fault of PM) and sometimes the SH being undetected.
Overall, coulda been better, but I do agree it shows potential. I'll keep an eye out, but right now...Meh :/. Granted, it is a demo and it is still in dev so I stress my opinion: Wait and see. If Young Link, Toon Link, Doc Mario, n Wolf are in the game eventually like I understand they hopefully will be (if you can get them in reasonably well or w/e it was you guys used to describe potential characters xd) hopefully by then it'll be much farther along in everything.
My only real gripes with it atm are hit detection/land detection, and a clunky sh :/. It feels nothing like the melee SH, and I don't think it's even like a brawl SH....sort of a horrible inbred child of the two >.>....Also had some weird issues with turning that haven't shown up in normal brawl play or melee. When I was falcon, I was thinkin 'I should pivot to grab this falco' while I was facing left shielding....so I tapped right and hit z...whats this falcon pivot grabbed to his left? Okay let's try again...and again...Musta gone like 3 or 4 times in a row with a second or 2 before each attempt :/...Also, more than a few times in my game with marth did I flick my cstick to the right...only for marth to fsmash to the left...More than a few times :/. *shrug* Dunno why, Just figured I'd let ya know.
EDIT: Also, unlike melee falcon, if I'm standing still and I sh nair and lean towards a direction, in melee falcon would move a few cm/inches/whatever. In PM...If he's still, he stays still...I dunno if that was in brawl as well or not but...bleh xP