Side Note: weird name for the game mode...Subspace Emissary? Whatever...it rocks, so who cares.

Palutena 

Yeah looks like Palutena too me (with much update graphics of course).

And what's her role?

Video works now. Doesn't show much, though it does seem that those clouds weren't characters.

Hehe...fans love to make up stuff in their heads...

I bet the Smash Boards are going insane tonight.

Wikipedia's summary is better than mine would be:

Palutena is the benevolent Goddess of Light, ruler of the kingdom of Angel Land, and guardian of Three Sacred Treasures (the Mirror Shield, Arrow of Light, and Pegasus Wings). Before the events of Kid Icarus and its sequel she shared sovereignty with Medusa, the Goddess of Darkness. Palutena used her powers for the good of mankind, to warm the earth and make crops grow. However, Medusa hated humans and used her power to undo Palutena's work. As punishment, Palutena transformed Medusa into a hideous monster and banished her to the Underworld.

Medusa, consumed with bitterness, swore revenge on Palutena. By forming an alliance with the evil monsters and spirits of the Underworld she was able to gather enough power to overwhelm Palutena's army. A surprise attack on Palutena's forces set the precedent for the war between the goddesses, with Medusa winning decisively at the final battle. Medusa captured Palutena and seized the Three Sacred Treasures, entrusting them to her most powerful servants.

"The Adventure mode also emphasizes character development. You’ll see many famous characters persevering under the weight of their personal histories, shouldering their unique burdens... It’s really something you won’t see anywhere else."

Just.... wow. I don't even know what words to use to describe how cool that will be if they do it well. I am gonna play this game to death... damnit. I'm supposed to be taking it easy on gaming so I can focus on my writing and job related issues, but between this and Bioshock and Galaxy and Prime 3... Well I'm f***ed. Thanks, Nintendo! Thanks a lot.

Finally the video works for me.

Uh...4 player co-op anybody?