Now that I've actually played more:
Certain things feel really smooth, but...
It may be that I've been playing Sm4sh for so long, but certain combos and movements now feel clunky with Ike and Roy imo. Mewtwo is interesting, though I find his fair incredibly difficult to land.
Waluigi is amazing imo. He's been done really well, I love his mix-up game for the most part.
Certain hitboxes still don't seem to hit like they should, visually. I'm wondering if the full patch will be able to show hitbox placements? Considering the wait thus far I don't think it should be unreasonable, and it would facilitate skill-building in Minus by allowing players to understand a character's actual hitbox placements in order to use their moves effectively.
I've yet to play multiplayer with friends yet, but I'll prob have more to say once I do. As for now, I'm just glad we've gotten an update.