Just finished playing for five or six hours. I'll put up my full impressions later. It's a fun game and does feel very different.
New ledge game is superior. They made the right decision here for sure. It just feels right. It's never fun to be the victim of a gimp kill.
Airdodges seem a little too good. You can't airdodge out of hitstun like in Brawl, but you can airdodge over and over again and there's almost no startup. I think I saw Villager airdodge like three times from a fullhop. This makes comboing a lot harder and I haven't figured out how to punish airdodges consistently yet. Opponents fall very slowly while tumbling making them easy pickings for combos. It's probably for the best that the airdodge is good, since otherwise Smash 4 might have had even crazier combos than Smash 64
I cannot resist tier list speculation:
A - Pikachu, Mario
B - Link
C - Villager, Mega Man
Pikachu and Mario both live in Combo City. Pikachu's Fair autocancels and is a good approach. Mario's Fair groundbounces, setting you up for a spike if the opponent misses the tech.
Villager is really tough to play as, but I've figured out a few neat tricks. If your opponent is between you and a seed, use the watering can. It will push them on top of the seed while it grows into a tree. Good finisher if you can get it set up. Overall, Villager seems to have few combo options and his finishers are very slow.
Bonus:
Link dair spikes!
Villager walljumps!