I like how the character copyright list just keeps getting longer and longer.
I'm not really that familiar with Final Fantasy, but it's really weird having the protagonist of one of the PlayStation games in Smash, although it's really funny. Still, it would make a little more sense to have someone from one of the NES/SNES games be in instead (watch one of them show up next).
I find it interesting how many people here do not know who Cloud is. I think it might be because a good portion of the userbase here is too young to have had any influence from Final Fantasy in the 90's. Final Fantasy VII was the first fully 3D entry in the series, which more or less revolutionized RPGs at the time. For many, Final Fantasy VII was their entry point into the series, so Cloud is pretty much a beloved icon, similar to how Sora from Kingdom Hearts is to people in the 2002-2006 period.
Personally, I grew up entirely with video games and one of the very first ones I played was Final Fantasy I for the NES. As each new title in the series was released, I'd get and play them in order for the most part. Overall, I'd say FF7 is one of the "good" titles on the series, but certainly not the best. It's definitely overhyped due to how many people started the series with it. Still worth playing or at least reading up about. The Materia System is by FAR the best thing about it.
To some it might seem a little odd how they are including Cloud in a Nintendo-based franchise, but I'd attribute it to Nintendo's long-standing relationship with Square/Squaresoft/Square-Enix. Many of their games have been published on Nintendo systems (Chrono Trigger, Final Fantasy III/VI, Final Fantasy IV, Secret of Mana, etc), so it makes perfect sense how the two are associated.
I think they chose Ike to be the target for Cloud's Final Smash, Omnislash, because he most resembles Sephiroth out of everyone else in the Smash roster, nothing more.
I am personally looking forward to this. The summons (Odin, Ifrit, Leviathan, Bahamut, etc) looks like stage hazards, and Cloud's Limit Breaks look like B specials. He should be an exciting addition to the roster, definitely going to pick him up when I can.
Actually now that I think about it i'm mad it wasn't Isaac since Cloud kinda took his place being the typical blonde swordwielding animu RPG protagonist. smash 5 better ****ing deliver