I probably shouldn't have been so snide about the buffs, but I still think they're pretty bad - sorry Thinkaman. All I have to say is thank god for american wiis lol, I played it briefly yesterday.We greatly value any input Zelda players have for this reason.
Here's my take on it:
A lot of characters will now improve in viability because of the lack of chaingrabs, infinites and some radical changes to their characters (those with the most buffs). The former two never hindered Zelda in the first place so she won't improve in this respect.
The latter is something she hasn't really received. She will still be approaching, still getting outcamped, chased off screen to death, gimped, killed whatever... and Dsmash is not exactly the best approacher or best of punishers if they do hit her shield for her to capitalise on that extra knockback (for her it's a good punisher, but that doesn't say much in comparison to the rest of the cast). It can teched if they DI down, and the last hit of nair can be SDId. The buffs are blind in hindsight. Even if Dsmash does get them offstage, Zelda's not much of an edgeguarder to be able to truly capitalise, aside from the odd spike attempt or din's fire... which frankly never works out the way it should lol!
The two buffs have not really affected any of her matchups. Top tiers are still insanely hard (MK is somewhat better, but still tough), lower tiers are now harder to deal with.
Imo right now she's nothing on par with diddy kong. Those below her are overtaking her in terms of being competitive, and those far far above her haven't nerfed enough to make her anymore competitive than what she was before. Characters mildly above her have also received some buffs better than what she received (Luigi, Sonic, Bowser), thus increasing that gap between them and her. It's not that I don't think she's improved (because she has)... I just don't think she's improved relative to the rest of the cast considering she had far different worries from characters who worried about infinites, chaingrabs and the such who don't have to worry anymore because they've all been eliminated.
The stages were fun as hell though... I'm never going in the water ever again lol!