I don't see Smash as a competitive game still, but the community and tier lists will tell you otherwise. Also, the fact that Smash for 3DS/Wii U are being made with competitive players in mind tells a different story, but I still stand by my statement. I recently played Project M and I actually enjoyed it a lot, except for what they did to Pit's Up B. Pretty excited for the new Smash, since it'll be the first one I can purchase myself, mainly because I don't really purchase Nintendo consoles.
Currently, I like using Captain Falcon, Ness, Falco, Lucas, Diddy Kong, Wario, and Pit the most. In the new one, I look forward to using Greninja and Wii Fit Trainer, but a lot of the characters I use have yet to be confirmed (Captain Falcon, Ness, Falco, Lucas, and Wario). If they don't make it into the game, that's a deal breaker for me.