As a Brawl Minus Captain Falcon main, my opinion? 4.0b Captain Falcon is indeed perfect as is.
With Falcon's ability to reliably combo every character in the cast to oblivion, given the Falcon player's ability to read/react to DI is decent/good, he makes for a rightfully intimidating match-up for every character in the cast. Having said that, and at least with my crew of Brawl Minus players, Falcon is also rather susceptible to getting trapped in a combo himself, even with good and perhaps optimal DI. Basically, Falcon has the ability to combo you from zero to death while all Minus Falcon players should take heed; Falcon can and will experience the same thing. This is just my opinion, of course.
I can type much more about my thoughts on Minus' iteration of Falcon with topics, such as my personal experience with Falcon's character match-ups, Falcon's ability to deal with projectiles, Falcon's recovery, Falcon's move set, etc. I will, however, save that for a potential future post in this thread.
I hope this post/feedback at least somewhat helps.