It's like... Smash 4.8 or something. Wouldn't quite say .5 since there are a lot of changes and the art style is substantially different (though obviously using old models as templates).
"Everybody's here" was a nice attention grab, and of course it is cool that they're including every character, plus 'echos'. Daisy looks sick and I'm personally glad to see her.
At first I wasn't too sure about the art style. Seems a bit bloomy with some weird models (Wolf looks a bit weird to me), but it grew on me. Some characters look really nice. Marth looks great - better than he looked in Melee or in any title.
The mechanical changes/additions are quite interesting and raise my hopes a little. The game does seem a little faster too, though it looks like the engine/physics are similar to Smash 4. Apparently wavedashing isn't a thing despite the directional airdodges (been seeing people say there's endlag after an airdodge). Will need to see how the pros in the invitational bracket handle dashing and other movement as well. As long as there are good/better movement options I'm happy.
Also Zelda's design is look nice as well. And Ganondorf.