I think
Shroob
puts it best here:
As someone around for Sm4sh and Ultimate Speculation, I can't really say which I enjoyed more.
Sm4sh revolved around Gematsu up until the very end when it lost footing. This was annoying for both people supporting and against Gematsu, as the people supporting it got tired of hearing others try to disprove it, and those against it disliked how stifling it was for speculation. Both sides were valid. Ninka/Vaanrose rose up towards the end and I remember the entire internet flocked here since both Ninka and Vaan were vetted by the Admins and posted here. ESRB was what it was. Thankfully we got Shulk to cement the ESRB leak 10 days after the initial post. I was young, and much more of a follower than I am now. I was a much larger character supporter as well, though thankfully I got all of the characters I wanted. Compared to Ultimate Speculation it was a lot more tame as a whole, but definitely not without some rough spots.
Ultimate on the other hand, was a lot more of a wild ride. On one hand, some things were leaked far in advance and other things weren't leaked at all, making for some exciting reveals, and I really made a name for myself in the community this time around. On the other hand, the Theory Wars (Nihilist Theory is still the best theory) and the Grinch Hoax truly brought out the worst of the fandom. I've never had to block anyone until those times, and the reveals themselves stoked the flames of hope within fans of many different characters, which is how the Grinch hoax was able to work so well.
I'd have to say I enjoy Post-Ultimate Speculation best. It's been pretty chill for the most part, which is nice.
inb4 we get a huge DLC roster "leak" that sets everything on fire