Haven't said much since July, but saw a thread that caught my eye just now (boards.4channel.org
Smash Fighters 2 and 3 will indeed be revealed early June. Interestingly, Nintendo and Microsoft are going to partner on a joint game and work together on many games going forward, presumably because Sony is a giant threat to both companies.
The characters announced are Master Chief and Banjo Kazooie. Master Chief activates the Halo for his final smash, and some spirits I saw were for the flood, arbiter, a gause warthog, and a ghost. His level appears to be Last Resort (has a windmill structure? Not familiar, but know the name).
Banjo Kazooie's level is predictably Spiral Mountain. He has his nuts and bolts look, slightly altered but essentially the same. Grunty is a stage boss and rhymes at you while you play, dependant on characters used. There are dancing carrots and onions in the background with googly-eyes. Some spirits include Captain Blubber, Canary Mary, and Mingy Jongo. I wasn't able to see any more details other than those 3, I saw no screenshots of these unlike Halo's. Banjo has 3 final smashes, all of which are randomized.
Cut characters from the game that won't make it in (but were absolutely developed and scrapped) include Rayman, Black Shadow, Funky Kong, Dixie Kong, and Alucard. I was previously unaware of Alucard and Dixie Kong as of the last time I posted back in July.
I'll stick around for another 20 minutes if you have questions, I'm on my lunch break.
