Final Destination IS boring, in my opinion. At least Omega stages help that issue.
But really. My ideas of "competitive" used to be NoItemsFoxOnlyFinalDestination, and I hated it and wanted nothing to do with it. Now, I more accurately recognize the relative variety that goes into character and stage picking, but I still see it as too limited (thanks in no part to some good posts by AmazingAmpharos and others). Right now, I'm a big proponent of revising stage selection, embracing balance patches, experimenting with different (and more liberal, I guess) definitions of "legal stages" to include things beyond flat+plat, etc.
For stages, I call it fair if the stage is reasonably sized, and if hazards exist at all (which I support), they must be impartial and not overly-centralizing (as well as somewhat reasonable in lethality). I'm kinda neutral toward walkoffs, I understand the camping potential, but I also see that camping as coming with a degree of risk. Scrolling stages are pretty biased towards camping (and fast characters),
For instance, Ridley is not an impartial hazard, as he can take a player's side. Yellow Devil isn't either, as his attacks are always targeted at a player (and his explosion becomes player/team-aligned on death). On the other hand, the acid in Brinstar is impartial and completely fair. Norfair's lava would be, but the race for the safety capsule during the background lava wave is overly-centralizing is totally fine, thanks to ParanoidDrone reminding me it's shieldable. And so on. Basically, if you have to halt the fight to keep up with a hazard, or if a mistake can get you heavily penalized (i.e. Port Town's car damage), it's unreasonable, but most other things are fine.
I also believe in enacting rules against infinite combos and anything legitimately unfair. In the current absence of planned balance patches, I feel it's fair to act on things Nintendo has shown themselves to be unintended in gameplay.