The Timer
Also, how does the timer work?
I've always wondered how it worked, too. So I put Melee in my Wii and did a little test. I only recorded times for 5 minutes worth of items on Low, but I found that the items appeared every 15-20 seconds. It's random within that 5 second span, though.
I also recorded the positions where the items spawned. There seemed to be about 7 spots for them to drop on Peach's Castle, which is where I did the test.
For those curious, I set the timer to 10 minutes and recorded the time when I saw an item spawn. I know I missed the spawn of one--I saw it too late, though. Bear in mind that these time points are subject to human error, but they still give a rough idea of the item timer.
9:42 -- Capsule, to the right of the central tower, near the starting platform.
9:26 -- Fan, directly to the right of the tower.
9:07 -- Super Scope, to the left of the tower, near the starting platform.
8:51 -- Capsule, to the right of the tower, near the starting platform.
8:32 -- Capsule, directly to the right of the tower.
8:14 -- Crate, to the left of the tower, near the starting platform.
----- -- I missed this one. It fell on the slope itself, thus falling off the stage. I'd be willing to bet it fell at about 7:57 or so.
7:41 -- Fire Flower, on top of the central tower.
7:25 -- Capsule, directly to the right of the tower.
7:05 -- Capsule, far left on the slope (thus falling off the stage).
6:49 -- Capsule, to the left of the tower, near the starting platform.
6:34 -- Crate, far right on the slope.
6:14 -- Capsule, to the right of the tower, near the starting platform.
5:58 -- Capsule, directly to the left of the tower.
5:41 -- Barrel, on top of the tower.
5:25 -- Item (I missed what it was), far right on the slope.
5:07 -- Mr. Freezie, to the right of the tower, near the starting platform.
If anyone wants me to, I can list what items I had on/off. I was personally a bit surprised at the number of capsules I saw.
This is only one test, so it's probably not definitive, but hey, it gives the idea of how the timer works.