I think most people would be happy if this was Smash 4's roster in a low newcomer scenario.
- Everyone from Brawl is brought back.
- Nine new characters.
- 48 total characters.
- New characters are K. Rool, Ridley, Mewtwo, Roy, Palutena, Takamaru, Mii, Miyamoto's new IP, and Mega Man.
All Characters From Brawl Return + Mewtwo & Roy brought back:
All of the characters that were introduced in Brawl were received very well and have a large amount of fans. There is generally a lot of hostility to the idea of cuts this time around, and most Smash Bros. fans would rather see the entire Brawl cast brought back. Of the cut Melee characters, Mewtwo and Roy are the ones brought up the most in regards to being brought back for Smash 4, and for many people, seeing these characters return would be a very big deal. Mewtwo and Roy may actually be the most requested characters for Smash 4 in Japan. They were also both planned for Brawl. Mewtwo was the personal Pokemon of a major character in Pokemon Conquest and is even featured on the boxart, and Roy received a slick re-design for FE13. There are also many who think Dr. Mario should be brought back as a costume as well (with some even suggesting Pichu as a model swap for Pikachu). This just goes to show how popular Smash Bros.'s cast is and how much personality and charm Sakurai puts into every character he places in.
Ridley:
No brainer for why he was included. He is Samus's arch-nemesis, has been in the Metroid series since the beginning, and has been in almost every game in the series to date. He is also one of the most requested newcomers for Smash 4 by the Western fanbase.
K. Rool:
Another obvious pick. K. Rool has been the main antagonist of most of the Donkey Kong platformer games since Donkey Kong Country. From his three incarnations from the DKC trilogy (as well as his role in DK64), there is a lot for him to draw from in regards to a moveset to the point that it practically writes itself. He is also incredibly popular and highly requested for Smash Bros. worldwide.
Palutena:
Kid Icarus Uprising is perhaps Sakurai's first big-budget project that was not Kirby or Super Smash Bros. Its possible that this game will be for Kid Icarus as Ocarina of Time and Metroid Prime were for their respective series, basically creating a whole new generation of fans who love the series. There is also the fact that there are many who want to see more female characters. Unlike most other female characters, Palutena is actually the one of the most important figures in her series, and she is probably the second most important/notable Kid Icarus character next to Pit. She is so notable that she was the only other KI character aside from Pit that was re-designed for Brawl. There are some that say that she can't be in due to already being a part of Pit's Final Smash, however, considering how much new content is being added to the series as a result of Uprising, it quite likely that there will be a few changes to Pit's moveset. Also, there is a very obvious new Final Smash for Pit:
http://www.youtube.com/watch?v=0Tl4A6pvr3g Palutena will also have two OVAs centered around her in promotion for Kid Icarus Uprising. Palutena is now by far the most wanted female newcomer for Smash Bros. and for good reason.
Takamaru:
Nazo no Murasame is often considered the "sister game" to the Legend of Zelda the same way Kid Icarus was to Metroid. Nazo no Murasame is a cult classic in Japan, and is remembered the way Punch-Out NES is here. Takamaru has also been showing up in lately in several games since Brawl, with a NPC role in Captain Rainbow and even the inclusion of a Nazo no Murasame mode in Samurai Warriors 3 (with Takamaru being an unlockable character). There are many who would like to see a character with a katana-based moveset that uses medieval Japanese weaponry (such as shurikens). Even if the West is unfamiliar with him, he would certainly be received well. Takamaru is one of the most requested newcomers for Smash 4 by the Japanese fanbase.
Mii:
Miis are a phenomenon. The various Mii games (Wii Sports, Wii Play, Wii Party, Friend Collection) have sold millions upon millions of copies. The idea of a customizable avatar proved to be so popular that even Sony and Microsoft incorporated the concept into their consoles. The Miis are a symbol of Nintendo's resurrection to the top spot in the console market. The Miis have proven to be so popular that they have become regulars in the Mario spinoffs. However, by Smash Bros. fans there is a hesitancy to include them for several reasons. One is that some feel they are not true characters, while others feel that there is not much that could be done with them (aside from making them possibly customizable characters). There is also the matter of whether Sakurai already ruled out the possibility of Mii's being playable in Smash Bros. during Brawl. Mii and Starfy are the two characters I feel the least likely about in relation to the actual Smash Bros. 4. However, they definitely have a very strong resume and they do have a history of fighting (boxing in Wii Sports, fencing in Wii Sports Resort). Even if Miis do not make it as a playable character, I am fully expecting Wuhu Island as a stage in Smash 4.
Miyamoto's new IP:
This character is technically a placeholder. Sakurai lamented during Brawl that no new franchises had been created since Pikmin that had a character that would be suitable to being playable for Smash Bros. He mentioned that despite the success of Animal Crossing, Brain Training, and Nintendogs, those series did not have characters suitable for fighting. Miyamoto has also relented that he has no created a new character since Pikmin. All eyes are on what new franchise Miyamoto and EAD have cooking for the Wii U. If it does have a character that is suitable for placement in Smash Bros., he/she/it would certainly be a welcome addition for Smash Bros. If this placeholder character is not suitable for Smash Bros., I think the best options for this spot would be Little Mac or Saki.
Mega Man:
When it was confirmed that third-party characters were eligible for Smash Bros., there were two characters that came to everyone's mind, Sonic and Mega Man. Mega Man is pretty much the only third-party character that is requested for Smash Bros. Mega Man is loved dearly by Nintendo fans, and in many cases, consider him a honary Nintendo character. Mega Man is highly requested by Smash Bros. fans worldwide. If Smash Bros. 4 is to have to a third-party newcomer, it has to be Mega Man, and what better way to celebrate the series's 25th anniversary than a reveal of him as a newcomer in Smash 4.
The random icon under Wario is simply a placeholder until Miyamoto's new IP is formally unveiled.