To get this out of the way; those of you expecting voice chat are only setting yourselves up for disappointment (which is a common action on these boards anyway). Nintendo currently has no plans at all to bring voice chat to the Wii. I'd be very, very surprised if they got it up and running in under three months.
Even if they do, Sakurai himself already admitted that latency will kill this game. You morons want to lag it out even more with voice chat? Use your heads before you make these stupid demands.
Plainly put, we already got more than we were promised for online play, and you idiots still aren't happy.
When it comes to my own thoughts on online, I couldn't be more pleased. Firstly, I really had myself believing that last night would be nothing special; I didn't believe in this 100th update extravaganza at all. I was also sure that the online mode was going to be slapped-on in order to keep whining fanboys quiet (and you can tell by the tone of the post that Sakurai himself isn't very excited over it).
But it really looks like they pulled this one off. I don't think there's anything better they could have done. Looks like finding and playing against friends will be completely painless, and even playing against anyone, we don't have to worry about random Sheik/Marth/Fox spammers (or their Brawl equivalents) screwing up our records.
Although I still stand by what I've said; consoles are not online machines. PCs are. Consoles are about gathering friends together and actually interacting as you play party games (emphasis on the PARTY GAME) like this.
If you don't have friends, well, try a little harder. Being a freelance artist I leave the house, on average, about 2-3 times a month. Yet I still have more than enough Melee players to duke it out with.
Am I saying online won't be a nice addition? No. But if you were relying on a super awesome online mode to make you friends, you're a fool.