I think this game has the best ledge mechanics in the series. I don't personally feel that a player is weaker while holding the ledge in any other Smash game, though I admit I know next to nothing about 64. A player in this game is forced to either use one of the standard get-up options, or go for a much-riskier-than-perviously ledgehop. The majority of characters don't have moves that are safe enough to throw out aerials and have them blocked, airdodging into the ground is no longer a good idea, wavelanding is clearly out of the question, making the most reliable options the standard get up, roll, ledge attack, or jump, all of which can be punished hard on a proper read pretty easily and send them back offstage for another guess.
Hell, in Brawl, as Pit, I'd happily play the whole match from the ledge. It was not uncommon to see my opponents BACK UP TO HALF STAGE TO ALLOW ME TO GET UP after eating a bunch of uairs on certain stages, and even there I could shoot arrows at them from the ledge if I really felt like being a ****.
While trumping doesn't give the same reward as edgehogging, it's something that can be executed on reaction to a player who's holding the ledge too long and can be VERY rewarding, securing a kill or at least forcing them to make their way back onstage again.
The ledge is more unsafe than it ever has been as far as I'm concerned, and that's a good thing.