Well, truth be told, if the game uses more stylized characters, then it could be good.
Jak, Spyro, and Crash would be perfect. They're already using Fat Princess and Papa Da Rapper, so there is a chance they'll be in there. (Maybe?)
I am confused about who this game will be for, though. Some of the characters in the game come from M rated games. The thing about it being a Super Smash Brothers clone is that it might lead the little brats who play it to playing God of War, and won't that be lovely when soccor mom #4,332 walks in and finds her little bundle of joy ripping off a monsters head and decides that "Videogames are the devil!"
And before anyone points to Snake in Smash Brothers, yeah, I know, but at least his game isn't over the top super-violent in the same way Kratos' is.
Anyway, yeah, they're copying Nintendo again. My inner fanboy is raging, but considering that it might be something other than an FPS is an exciting prospect. Smash Bros wanna be or no, this is something I'll at least check out. I'll draw the line when Microsoft does it...because you know it's coming, sooner or later.