The rumored five are Skull Kid, Lyn, Isaac, Sami and Knuckles. Those were "leaked" a long time ago, along with alternate costumes such as SNES Falcon. Maybe they have changed plans since the "leak" (which was around february? march? I dunno). Either way, Skull Kid and Sami are "safe", in the sense thay they aren't in Smash 4 and they would give the Project M less headaches with legal stuff. Knuckles belongs to SEGA, and maybe SEGA won't be as glad to quietly accept the mod as Nintendo. We have Lucina in Smash 4, and while Lyn would probably have a different moveset... And I don't persobally care about Isaac lol.
Most people believe Skull Kid is gonna be the first newcomer. The Project M team has showed many #47 in some promotional material since many months ago. The #47 would refer to Melee's Event 47, which is a stock match in a Majora-shaped stage. The #47 would also be the final number of characters in the final roster of Project M.
Personally I would love to see Skull Kid (yay Majora's Mask rep!) and Sami (Nintendo Wars is underrepresented). I don't care about the rest, specially Knuckles ("featuring Dante from the Devil May Cry series!").
Maybe it's just me, but the HD Smash 64 stages showed so far, the only one I like is Dreamland. Metal Cavern looks so much saturated in elements in the background it's a liytle eye distracting, and I think Hyrule Castle just looks plain wrong. But at least it's some impressive work.
Edited by Maleboocado, 12 November 2014 - 06:09 PM.