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It's going to flop. Just like LBP Karting.
Sony PR has spent years telling their fanbase how an Hardcore game should be: cinematic, realistic-looking, adult or epic and badass, heavy on storytelling.
At the same time they went on calling the competition childish or casual.
Now it will be hard for them to convince fans to buy a game without any of the mentioned qualities, that blatantly copies competiton.
Not to mention Smash Bros is just too good, those who have played it enough and love it, have probably just bought a Wii already to play it (since it's not very expansive). Those who don't know it or don't like it have no reason to be attracted to the game.