Yeah I wish they'd stick with one damn design for the sword so it can actually be recognizable as 'the' Falchion. I always assumed that was just some new pair of swords, especially since it looks like the main character's sword.
And I thought the 'Marth' in this game was someone else impersonating him or something, although if that's the case I guess you wouldn't find out whether or not he's real until later in the game. NOT SPOILERS btw, I have no idea what the story is for this game. Just my own speculation.
I think the art direction is cool. I liked how they toughened up Marth's appearance in the DS remakes, but I like the designs for characters like Roy in Awakening A LOT (he's an optional, not plot-relevant DLC character, btw):
Dude wraps his cape around his ARM, what the FUCKING AWESOME. I wish there was some sick fan art out there to go along with this. I hope he is in Smash 4 just so he can have this character design.