I was kinda hoping they'd lay back on all the fire, and put in extra elements as well. Maybe with a bit of side effects or something too..
Fire: Burning, occasional damage for an additional 2-6% over time.
Ice (I consider it water..cause...well you know): Slower attacks by 15% for a small amount of time.
Electricity (I personally consider this "Air" as, lightning is naturally created IN THE SKY): Delay recovery time - Shorten tech window.
Earth: Character is....well.. I dunno. Shaken? or Covered in dirt? Either way, maybe... They're 'heavier' and they have a less effective jump, and slightly faster fall speed for a little bit of time.
Dark (Such as...Ganondorf's Forward and Down - B): Reduces a characters defense. Either increasing damage taken by 10-20% for 4-6 seconds, or, the next hit they recieve while under Dark effects make them recieve..er.. 5-15% more knockback distance.
Holy/Light: ...No idea. How about reduces their attack damage by half, and knock back by 25%?
Those are just some ideas floating around. It's not like, hugely game altering, but it puts a lot more detail into what each character can do. Plus, you could integrate those sort of things into combos