that would be rad . . .

Cloud... That's right I went there =3

Commander Shepard.

Hell yeah.

Who do I want to see in Smash Bros?

Kratos. (Like that'll ever happen)

Crono (chrono trigger)

Sora(kingdom hearts)

Cloud(ff7)

Sephiroth(ff7)-poses as another threat to the wierd story they'll make

Spyro(spyro franchis)

These characters are possible, hope for the best.

Midna  won't work for me wirhout Wolf Link. Krystal won't either without her staff. Don't know who Kumatora is, so I don't know what moveset they would give her. Daisy and Raichu would be clones. Shantae and Maxwell are owned by WayFoward. Geno is owned by Square Enix as is Chrono. The Baten Kaitos characters are owned by Konami. Jill and Isaac were Assist Trophies last time and I don't see any easy way to give either of them a moveset. Same goes  with Jenna.  The gang from No More Heroes is owned by Grasshopper Manufacture. Baby Mario would be too weak unless he was paired with Baby Luigi as an Ice Climbers-like duo. Mewtwo and Roy would have to be De-cloned from Lucario and Marth, respectively. The only ideas of yours I have no issues with are Ashley, Bowser Jr., and Paper Mario. Oh, but ROB has to stay: he's a Nintendo icon, and one of my favorite characters.

As for my own suggestions, how about Yarn Kirby, Vaati, and Zant. And maybe a Mii.

I really want to see the next one do a legends of gaming super crossover with the existing cast and all these guys from third parties:

Megaman (obs)

M. Bison

Ammaterasu (OMG yes!)

Chocobo with Moogle

Black Mage

Slime (Dragon Quest)

Belmont

Jimmy Lee and/or Billy Lee

Haggar

Yagyu (or the other Contra dude)

Commander Keen (a must)

Space Marine (Doom)

Carmen Sandiego

Duke Nukem (unfortunately is a legend)

Lara Croft (see above)

Tails (and mabye Knuckles as well, anything post Knuckles in Sonic is lame)

Eggman

Spyro the Dragon

Pitfall Harry (ESSENTIAL)

Tecmo Defensive Linesman (Quarterback sack!)

And finally cut a deal with Microsoft in some way to get Banjo-Kazooie and Joanna Dark

Edit - Oh, and the Jouster (from Joust) to get one more early western character in

Edit 2 - Joe Musashi

NiGHTS

Gillus Thunderhead (Sega needs more love)

Ryu Hayabasa (more Tecmo)

Edit - 3 It just occured to me that I completely neglected anything from Hudson/NEC or the Turbografx. Therefore:

Bonk

Bomberman (also, I really shouldn't have left that one out at all!)

The Lode Runner (an icon of my own childhood even if no one elses)

Felix or Issac from golden sun

and Zero from megaman zero

Everyone from Melee and Brawl return, plus a few new ones. ie. Megaman, Zero.

That alternate costume idea is good!

Ehh WRONG. The Baten Kaitos characters are owned by Nintendo. Yeah, they bought Monolith Soft from Namco some years ago . . .