No Luigi? WTF
I agree with petre, Ganon needs more moves and most
clones should be cut. Some of Falco's qualities might live
on in Fox.
Why drop clones when you can change them to be originals? Most clones would be easy, though Doc, maybe Roy, and Pichu might be difficult.
Ganondorf needs his sword, period. That fixes him. YLink needs to be TWW Link, which is unlike any Link. Falco needs original moves, with few similar attacks with fox. Doc, I dunno. Pichu should be looked at, and consider using original moves it can use in the Pokemon games. Luigi should have a little bit more moves Mario doesn't have. Roy, well I dunno Rire Emblem, but he should be able to have his own moveset easily.
SSoh is right, Ness does grow on you, and I still I am 99.5% sure that all original 12characters will stay. Bowserlick, removing 8 characters would be a mistake, wereas 4 Sakurai has to be cautious, but I believe it's probably either 2 or 3 characters cut, if Sakurai follows through with cutting characters (most likely). Doc and Pichu=little hope, Shiek has some chance, Roy has a bit below half chance.
SSoh is also right that no character should be cut. I mean c'mon, so many people have said remove all clones excpet Falco, and sometimes Ganondorf! Why not change all of them to be pure originals? That could make a lot more people happy! Ice Climbers, G&W, and Ness? Removing them is stupid, period no question.
O and Bowserlick, 40+ is confirmed, but I expect 45+ easily. It's coming out in as early as half a year so why not? Cutting 8 isn't smart, and dumping some characters is plain stupid (*cough* Falco, Ganondorf, YLink, Jigglypuff, Ness, and wtf? Luigi? Not smash without Luigi!). EX: my main man YLink, instead of changing him to TWW Link...well could seriously damage my respect towards Nintendo, Sakurai, and Miyamoto will heavily decrease, which is why I think he's in.
No Jigglypuff, Luigi, G&W, Ness being replaced, No YLink, and wat no Falco? Man that wouldn't be smash Bowserlick. I'm sorry, (actually I'm not, I'm happy) but all those above are msot likely returning, the only characters in danger are Doc, Pichu, Shiek, Roy, and IC. The Wind Waker Link=awsome replacement for current YLink (yae The Wind Waker Link!

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Luigi gone=not many people happy with that. He's in period, no question, don't doubt it! Otherwise Nintendo will have fanbase issues, same goes for the removal of DK, Ganondorf, Bowser, and Zelda. Even removing Capt. Falcon, Falco, and Ness, and YLink will present some issues. I honestly want all to return, prue and original.
With me pretty sure there is 45+ slots, MK, Pit, Zamus, and Snake, and Wario in the mix, that gives us at least 14 or 15 extra slots. With 2 or 3 cut, that gives us at least 16-18 more slots. So an emptyness in slots in not needed. 40+ confirmed, that's enough room to keep everyone. Still, nop Luigi? Luigi=more important than Bowser and Peach, and basically everyone!