Internet kept screwing up on my end so I wasn't able to watch the direct, much less post my full thoughts, so I'll stick to Smash for now.
-Firstly, Banjo and Kazooie looks great. His moveset feels like a nostalgic throwback to how he played in the original games, similar to how K. Rool was crafted. I'm still trying to finish TH first so I'm not going to do a test run of him just yet, but as soon as I'm done I'm definitely going for a few rounds with them.
-Loved the trailer revealing Terry, I don't have too much of a connection to SNK's games outside of KoF14, but seeing all of the characters try and fail to get the invitation was a fun nod to that . I look forward to seeing more of him in November.
-It looks like the rumor of his debut trailer being a callback to Incineroar's turned out to be false, so in that regard we can't rely on the rumor for Ryu as our fifth fighter. However, the second rumor with Ryu did say that we would get continued DLC after the Fighter Pass, and while it's not impossible to guess, it does still give him a little credibility. So I'd say Ryu is still a fair option for Fighter 5, though he's not nearly as secured as he would've been if the trailer played out in the way the 4chan rumor stated.
-Speaking of which, it's a pleasant surprise to see that we're getting continued DLC. There are many characters people would love to see in the game and while the past four choices have been great, there's no doubting that the restriction was starting to be felt, so it's nice to have that freedom of discussion without worry. In terms of who will be picked, while I'm not going to throw my hat into the ring and say a Nintendo character is definite, I'm also not as certain that Nintendo characters are off the table. Sakurai's line has already been confirmed to be more ambiguous then the translation stated, and as we've seen before a mistranslation can easily lead to misinterpretations that allows us to overlook perfectly good options such as Ryu back in Smash 4's DLC where a mistranslated comment made people think characters from fighters were off the table. Additionally, we do have new series that can be introduced that still fit the criteria that Sakurai would be looking for such as Astral Chains and Dragalia Lost, so even if we strictly stick to that ideology it's not like the options are completely restricted to Third Parties. So there should be some caution when approaching this new set of DLC as we don't fully know where its direction will take us, it could be the same as this Fighter Pass, or it could throw in a couple Nintendo characters, it just depends on what we see in the future.
All in all, it looks like the train has extended its trip and I'm along for the ride, I look forward to another year with you lot!