I know this is a somewhat old post, but I made a mental note of it while on my phone so I could return to it when I was on my computer. Being the newcomer I'm most excited about, I played a TON of Mega Man at E3 and Comic-Con so I've been able to get a pretty good feel for how he plays and his strengths and weaknesses. Basically I'm reposting my impressions and findings for you here because I think the narrative that he's already confirmed low tier is both premature and inaccurate, and he has a lot of strengths and advantages that aren't immediately apparent.
I don't think he's necessarily going to be god-tier either, as his main weakness seems like it's going to be against fast characters, but he can do things other characters can't and he has a unique learning curve and play style that really makes him unlike every other Smash character pretty much ever. Anyway, my updated Mega Man impressions from Comic-Con:
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Mega Man - My impressions from E3 are that people are sleeping on him, and they really shouldn't. While his specials leave a bit to be desired and seem to lack some utility (other than Rush Coil, which is a solid recovery), his normals, airs, and smashes are excellent. I have won nearly EVERY SINGLE MATCH I played as Mega Man against other human opponents on both the Wii U and 3DS versions, both at E3 and here at SDCC. He's definitely not a "pick up and play" or beginner character and takes some learning, but it's been completely rewarding and worth it for me and I can't wait to learn him in full and totally commit when the games finally come out! A "quick" rundown of his moves in my experience:
Neutral A (Mega Buster) - Racks up damage surprisingly quickly but can be awkward to use since you're maybe expecting a physical punch to come out, and usually/almost always gets you punished in close quarters
Forward tilt (Mega Buster while running) - Same as above, can be fired while running
Up tilt (Mega Upper) - Somewhat tough to land, but deals decent damage, knockback, and often interrupts when it does hit
Down tilt/crouch attack (Slide) - Haven't really used it a whole lot, can't really comment
Dash attack (Top Spin) - An excellent attack, has high priority and hits multiple times for good damage like Kirby's dash attack
Forward smash (Charge Shot) - Honestly, one of the best forward smashes in the game so far in my experience. It travels a good distance and does high damage and vicious knockback. Because it's a projectile it's not easily punishable, and I've scored multiple KOs using this from a safe distance when the opponent is at 60-70%
Up smash (Spark Shock) - An excellent smash that has decent range, hits multiple times and deals good damage; it's VERY similar in form and function to Zelda's up smash
Down smash (Flame Blast) - A good launch attack but seems to be Mega Man's "worst" (least good, really) smash attack; its range is narrower than you would think and you really have to be standing right next to an opponent to get good results. Great for crowd control/FFAs however as it hits the ground to both sides of Mega Man simultaneously
Forward air (Flame Sword) - High priority, wide range, quick to launch, decent damage
Back air (Slash Claw) - Less priority than Flame Sword, I think, but hits twice for good damage and is quick to launch
Up air (Air Shooter) - One of Mega Man's best moves, which seems to have unfortunately gone mostly overlooked in impressions thus far. Does good damage but also lifts opponents upward (think G&W's air puff, but it actually lifts opponents upward rather than just slows their descent) enough that KOing off the top of the screen is not only possible but quite likely if they're high enough; I've done it multiple times to audible frustration by the person KO'd by it in this way
Down air (Hard Knuckle) - Haven't used it a whole lot, but I'm trying to incorporate it into my play style more because it's essentially a projectile spike. It's hard to hit with though, as it doesn't travel very far, and that seems to really limit its viability
Neutral special (Metal Blade) - Disappointing. Even though it can be thrown in eight directions, which is useful, its rate of fire is surprisingly slow, it doesn't really do enough damage to be worth it in most cases, and it can be caught/picked up and reused against Mega Man
Forward special (Crash Bomb) - Probably Mega Man's best offensive special. It's basically a freely reusable Sticky Bomb item that obviously does less damage. It's an easy-to-use "fire and forget" weapon that flies fast, sticks to an opponent, and explodes on them in a couple seconds for minor damage (8-10% I think?). Just be sure not to use it if you plan to follow up with a close-range attack on that same opponent, as like the Sticky Bomb, it can dislodge and stick onto whoever comes into contact with them
Up special (Rush Coil) - A good, solid recovery. Gives more vertical recovery than horizontal recovery; no glaring advantages or weaknesses, it's simply good
Down special (Leaf Shield) - Seems to be VERY hard to utilize properly. As a basic flying projectile, it seems to be nearly worthless, but it can be powered up by absorbing incoming projectile attacks (kind of like G&W's Oil Panic), at which point it does a *lot* more damage to whoever it's thrown into. It's been very hard for me to utilize this properly in that way, however, making me wonder if it's worth the trouble
Throw (Super Arm) - Not too sure about the range yet, but it comes out quickly and the throw feels powerful, with good (but not amazing) distance
Final Smash (Mega Man Legends) - Everyone knows this one, but for what it's worth, the Black Hole Bomb-like projectile Mega Man fires to activate it (is it actually the Black Hole Bomb...?) is large and seems to be generally easier to hit with than, say, Marth's Critical Hit and Zelda/Sheik's Light Arrow
Movement-wise, Mega Man just feels like he does in his own games, which is great. He's on the light side but not too light, slightly above average walking/running speed, average jump, etc.
I'm only now beginning to realize just how vitally important spacing is with Mega Man, more so than with a lot of characters. Especially when using his Charge Shot, you have to try your best to space yourself such that you'll be able to let loose a fully (or almost fully) charged shot. Any shot charged less than halfway really doesn't do enough damage and knockback to (a) be worth the effort and (b) not easily be punished, so going in close for a quick, non-charged forward smash with Mega Man REALLY isn't an option. The only good forward smash with Mega Man is one that's performed from a distance and charged up to at least 75% or so (preferably 100%), but MAN is it worth it.
I also got two more off-the-top-of-the-screen KOs with the Air Shooter. Seriously such a good move.
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Any more Mega Man questions? I'll be happy to answer them to the best of my ability.