Game is systematically at the right speed.
But the individual tuning per-character (as of the demo) is not where it should be in my opinion. There needs to be either a decrease in frames for many of the animations, or an increase in hitstun. Some moves in the demo were already in the right place, though, so it's not really a system problem so much as a tuning problem.
As far as core mechanics go, I would only ask for about 25% more gravity across the board. While it does increase the game speed, it's more about the fact I don't like how generous the recovery systems are right now. I find the game off of the ledge will be more engaging if people are forced to recover from lower than what we had seen in the demo.
Edit - Of course, if gravity is tuned, Little Mac would need some recovery/fall speed adjustments. Goes without saying. :b