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In a nutshell
Fox, while not as powerful as he was in Melee, is still a great character because of his speed. Fox has fast attacks and good mobility, which means he can do great both defensively and offensively. Fox's speed gives him a very great ability in followups, while allowing him to make a swift escape when he gets too close. Fox rapid-firing blaster is a reliable projectile, as it allows Fox to quickly chip up minor damage when he couldn't or shouldn't get close. Fox also has few of the strongest smashes in the game, useful for clearing space for himself or finishing off opponents. One of Fox's major weaknesses is his fall speed. Due to the speed at which he falls, this make Fox susceptible to many chains and infinites, which are one of the few things that prevent him from being a truely fearsome character.
Fox is currently a D Tier character, a fairly large downgrade from his position in the most recent Melee tier list (1st to 15th). While Fox still maintains his very fast movement and attack speed , he suffers a nerf in attack power, vertical survivability, and combo ability (which his infinite shine combos are now non existent largely due to the nerfed shine and the loss of wavedash and L-canceling). His vulnerability against chain throws and locks and light weight also cost him dearly. However, his tourney rankings in Japan are impressive, leading to his position at #5 on Japan's current tier list.