Nice. Very old-school.
Also, Mr. Game and Watch appears at the end of it, which likely means he's back. Not that there was ever a reason to think otherwise, but still. Kinda odd he'd show up before being officially revealed, though.
Edit: Apparently it's been revealed that all of those moves Palutena sounded off in her trailer are special moves, and like the Miis she gets to pick between three for each slot. Pretty interesting. Speculation as to which go to which slot:
Neutral B: Heavenly Light, Auto-Reticle, Celestial Fireworks.
Up B: Warp, Rocket Jump, Jump Glide. (These are all pretty obvious - the recovery moves.)
Side B: Explosive Flame, Super Speed, Angelic Missile.
Down B: Reflect, Counter, Lightweight.
If this is right, I think I'll be going with Heavenly Light, Explosive Flame, Rocket Jump, and either Reflect or Counter, at least at first. Maybe one of the other moves will grab me once I've tried them out, but that's my initial reaction.