I don't think so. If you add that up, it'd look something like this:
Mario: 3
Zelda: 3
Star Fox: 3
Donkey Kong: 3
F-Zero: 3
Metroid: 3
Earthbound: 3
Kirby: 3
Pokemon: 3
Fire Emblem: 3
Wario Ware: 3
Add in the 3 third party characters, and take into account that Mario, Zelda, and Pokemon are unquestionably going to get more rep than the others (lets say 5 each instead of 3), that comes to 42 already. When you take into account most people are expecting 40 at most, that doesn't even leave space for one character that isn't from a major franchise. Oh wait, Pit's already there.
Yeah, so no. Not every franchise needs tons of rep. And Metroid, which is decidedly very low on actual defined characters, should conisder itself lucky if it gets two characters, let alone three.
Stupid saying Metroid is lucky with two characters. The only series that have made more money made by Nintendo are Mario, Pokemon, and Donkey Kong! (Star Fox is right behind) if Metroid deserves only two slots, then none of the others series deserve more than one=owned! The stats of units sold totally proves you wrong, and every other series should only deserve one slot but the ones above (Star Fox would probably still have 2).
Lol, 40 at most=low expectations. Expect 47 or so at most, and 38 or 39 at least=set the bar higher, while still being realistic. Seriously, SSBB has huge backup so it can be delayed, with many third party games on the Wii, and 1st/2nd party games like Super Mario Galaxy and Metroid Prime 3: Corruption. Plus SSBB probably has tons of Nitendo employees helping with it, considering it will probably be the biggest Wii game.
Here is a more realistic list, with about the max # of characters I expect (this # would make me totally happy):
5-Mario (Mario, Luigi, Peach, Bowser, Yoshi)
5-Pokemon (Pickachu, Jigglypuff, Mewtwo, Deoxys, Lucario)
5-LOZ (Link, Zelda, Wolf Link w/t Midna, Ganondorf, WW Link)
4-Donkey Kong (DK, Diddy Kong, Dixie Kong, K. Rool)
4-Metroid (Samus, Zamus, Ridley, Dark Samus)
4-Star Fox (Fox, Falco, Wolf, Krystal)
3-Kirby (Kirby, MK, King Dedede)
3-Fire Emblem (Marth, Ike, Roy/Hector/Black Knight)
2-Earthbound/Mother (Ness, Lucas)
2-F-Zero (Capt. Falcon, Samurai Goroh)
1-Wario Ware (Wario)
3-Retro/Other (G&W, IC, Pit)
4-3rd Party (Snake, Sonic, Megaman, Geno)
That is a 45 character list. Now that is 1 billion times more accurate then that stupid one you made, showing what you would mean being accurate. I think this is about as close to the actually roster we can get (probably 1-3 too high, o well).
If any franchise deserves less reps than, it is definitely Wario Ware, Mother/Earthbound, and F-Zero. Saying the Metroid series isn't big is stupid, it is Nintendo's 5th biggest franchise, so you have just been proven completely wrong.