I'm unsure if it's a whole new game or a special edition of Smash 4, but here are some of the characters I'd like to see in the game.

Captain Toad
King K. Rool
Midna and Wolf Link
Lana
Ridley
Dark Samus
Sylux
Krystal
Lyn
Spring Man / Ribbon Girl
Rex
Pyra / Mythra

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3rd party characters

Siegfried
Monster Hunter

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Costumes

Link costumes - Zora Armor and Magic Armor
Samus costumes - Light Suit, PED Suit and Fusion Suit

Also I'd love Sector Z to come back, it would also make a great stage for fight with five or more players.

It's a new game.

I want K.K. Slider to make it in so I can smash people with his guitar.

I never knew how much I wanted this before I read this post.

New fighters were announced today.
https://www.smashbros.com/en_US/fighter/index.html

And perhaps more relevant to this forum, there are over 800 pieces of music in the game - largest soundtrack ever?  Pretty sure there is ZERO chance of ever getting a soundtrack album with that quantity.

But does that matter? Last one I remember only hearing the same songs over and over despite how large its ost was.

The last two Smash Bros. games have both given players the ability to change the frequency of each individual music track within stages.  If you're just hearing the same thing all the time, it sounds like you should probably mess around with that.  Both Brawl and 4 had a tremendous variety of music in the vast majority of stages.

Yea, but it would be funny if they released an LTD edition with all the tracks for the price of one Nintendo Switch.

https://www.smashbros.com/en_US/sound/index.html

There it is... the Monster Dance arrangement I needed in my life.

Smash Ultimate is really good. It's extremely impressive that Nintendo has kept the Smash formula fresh on the 5th entry. My favorite character right now is Simon Belmont. The assortment of moves he does with the whip are phenomenal. Ultra stylish. You guys absolutely have to play this game as soon as you can, if you aren't already.

Detailed impressions later.

I've logged 115 hours in this game so far. It was the game that inspired me to go 100% digital and sell off my physical Switch games, due to the fact it was announced before launch that there was going to be considerable DLC. Due to the large amount of DLC, the cartridge is hardly representative of the game, so why buy it? Anyway, that was my reasoning and I've been digital since.

The people that play this game online are not like the people that play ARMS online. I can do well in ARMS, but in Smash, well, I get Smashed. You can't be average and expect to do well online. I've only won one Tournament so far, and rarely win in Solo online.

When I get whooped hard, I check the hours logged of my opponent. Almost always, they have logged more than 1,000 hours. This is what you are up against. There are people out there that treat Smash as a full time job and when you run into them, there's nothing you can do.