Okay, a few things I noticed...
-The Star Fox level is on the Great Fox as it appears in Star Fox Command (they had to get a new one because of the ending to Assault...). So it's still a stage on the Great Fox, simply a different one. It also looks like it enters Corneria's orbit at one point or another...
-The Yoshi's Island stage is ripped from Mario World 2, which rocks. There's a slime-ghost (forget their names) with a platform on its head over to the right, and it looks like the stage will change seasons midbattle, simply adding graphical effects and nothing else much.
-The Mario Kart stage doesn't follow the track like Mute City, but it looks like the platforms do move around.
-Kid Icarus stage looks HUGE, but the fighting area looks soooo small. Definitely a cool looking level regardless...
-Link's sword still glows when he slashes. Nice effect.
-We see a lot of Pit's A attacks, but still no specials. For shame. I need confirmation that his Smash B is the Mallet
Oh, and it looks like Pit is going to be a lot like Marth (which is both cool and disappointing), and he's going to use the bow like a staff and as two blades equally. So, he's not a swordfighter *per se*, but more like a close-range blade/staff fighter? Definitely not something I picture Pit being, but eh... He's likely a fastfaller. Definitely looks it.
-Snake is exactly as I envisioned him. That RPG is his Forward B, not a Smash. There's a weird lag there that doesn't seem natural for a smash. It makes more sense for it to be a Forward B that he can angle, and the player was simply finishing the combo by blasting the special downwards. Regardless, he plays a lot like Ganondorf meets 64 Samus, and I like it. Seems like a slow, heavy, and powerful character. Works.
-Mario got a bit of Doc's power it seems. Awesome. And his Tornado's back to its 64 version. Funky.
-Kirby got some of his range and power back. Nice.
-Pikachu seemed to be a lot more powerful, but slower. Did anybody pick up on that?
-Link is virtually the same. Seems more fluid in his attacks, but that's it.
-Zamus is basically Sheik. Weird low-G jump. She was basically Samus without armor and a stun gun in Zero Mission, so I'm wondering if she's just as floaty as Samus is, and that was just her front flip... The weird gun changeroo is likely just a taunt or a standing animation.
-Fox has his gun out at all times, AND stands on one foot while waiting? Woah... Definitely looks a lot more kickass now, IMO. And I'm wondering how different he'll play simply based on the redesign. More pistol whipping? Stronger kicks? Slightly heavier? Slower? Hmm...
-Wario's jerkiness bugged me at first, but now it works. I really wanted Wario Land style Wario, but you know what... It makes sense, considering Wario Ware. I like it. I just wonder what his Specials will be like.
-Meta Knight can friggin GLIDE! :D That's so awesome. Definitely looks to be the most developed and versatile/useful character of the batch, easily.
-Standing Animations I noticed: Pit taps his sandals to get the dirt off; Zamus screws with her gun (?); Wario crosses his arms and/or scratches himself; Snake rubs his chin. While crouching, Meta Knight has a cool standing animation where he peers back and forth, akin to some of the official art he's in.
-Crawling seems like a new technique. Likely you press down and lightly in a direction to do it. Some characters, or all, can roll into the crawl as well, likely by holding down after a roll. Shields were not present, and MK and Pit had very very fast dodges. Likely they dodge like Mewtwo, and Shields have yet to be implemented, but weird looking nonetheless...
My one big question, to all of you: How the hell far along IS this game? They definitely did not leave much to tell us it was moving along, IMO. It looks only slightly further than when they left us in June. I'm... kinda disappointed. Not at the trailer, it rocked. But at their progress. I don't care all they had to show was Fox, or a few stages. But just the characters that we knew about already, and what they showed us, was so weak. At this same stage in development, they showed us ALL the starting characters in Melee, and each easily had 20-30 seconds to their name, where we got a decent look at some of their specials as well as their styles. All we really saw this time were a few A attacks and some movement. Kinda lame, honestly... I would've at least wanted to see one special per fighter.
Oh, and Pikachu STILL isn't far along in development, just like the last trailer. Wonder if Sakurai just stopped caring.