What I'd like to see changed/added in the game itself:
- Inclusion of global switches for variables like game speed, gravity, hit pause, hit stun, damage, knockback, shield strength etc. so competitives will stop bitching about them. Also, more match types.
- An improved level editor.
- More play testing in order to not only improve the admittedly wonky character balance, but also to eliminate (abusable) glitches, thus improving game play while removing the option to resort to cheap crap like MK's invisible cape glitch or 0-death combos.
- A further developed single-player campaign mode. SSE was at least OK, but there's always room to improve.
- Above all, the game should still remain Smash Bros. That is, a non-serious, fun, beginner-friendly fighter that doesn't sacrifice accessibility for complexity.
As far as potential new characters go:
- Mega Man / Mega Man X
- Viewtiful Joe
- Simon/Trevor/Julius Belmont or Alucard
- Ryu Hayabusa from Ninja Gaiden
- Isaac (Golden Sun)
- Pico, Black Shadow or Samurai Goroh (F-Zero). Blood Falcon would just be a clone, anyway.
- A new major character from the FE series, ie. Lyn, Hector, Zelgius, even Sothe...
- Gandrayda, Dark Samus or Rundas from MP3
- Captain Rainbow
- A second Pokemon Trainer with a new team
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