I'm pretty sure it's confirmed that there will be 0 character switching this time
Ah well, I'd still love to see at least one EO character make it into Smash. Heck, SMT started out as a Nintendo series, there's always the possibility of an SMT4 appearance...
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Toon Link needs a Minish Cap clone/alt. I think he could do some interesting stuff with the items from that game. Think about it: Gust Jar as his double jump, Cane of Pacci to stun or launch enemies, use the Picori Blade to create clones of himself...I think it could be fun.
And yes I have been playing Minish Cap recently :V
I don't have much else to say about the characters, but now I'm curious about the stages: What will they use to represent FE? There are quite a few interesting locations, but nothing that really comes off the top of my head, though
Maybe have something like Mute City in Melee where a platform carries you through various spots on a battlefield, or transport you between different maps completely.