I love Smash Bros. I also enjoy seeing hacks made by the fans for Brawl. My personal favorite before this was Brawl Minus- completely bat**** insane, and I love it. But, I finally got to try out
Project M. Was it worth the wait? Yes, for the most part.
I'm not a tournament player, so this game wasn't exactly aimed towards me, but nonetheless I know I enjoyed Melee and and the other two, and I can get something out of being semi-competitive. So yeah, Project M. It's really fun. I recommend you go out and download it right now (you don't even need to hack your Wii to run it!). It's essentially Melee, but with way more freedom to modify the models, textures, music, and even stage list through the codes put out. And also, every character feels viable, but some take more adjusting to than others.
There are a couple of issues I had, though. The developers went in with the mindset that nothing from Brawl is sacred. Basically, they kept things they liked and eliminated the stuff they didn't. While all of the changes are very well tested and implemented, some characters feel different in nature from their Brawl incarnation. I suppose that was the plan, but it's still awkward to adjust to. ROB, for example, has a radically different recovery, and Lucario was especially reworked- the Aura system has been completely changed, as well as the properties of the character and his attacks. These changes WERE for the better, but they still nag at the back of the mind, and are definitely something to keep in mind when jumping into the game.
The Melee veterans, meanwhile, are mostly how they are in Melee, just tweaked with various aspects across all three games to make the best possible versions of the characters. And I cannot stress that point enough- were even I can tell what characters are bad and which are good in all three games, here in Project M every character feels good and every character feels viable. It's the best game for competitive play, so I highly suggest playing this if you enjoyed the tournament scene (or really if you just love Smash in general).
One more thing...Project M only has 29 characters right now, and those 29 characters COULD change in the future, whenever the next public release happens. The developers are working hard at making the rest of the cast work, but they won't update the demo with these characters- you'll have to wait till the next public version. Regardless, I thoroughly enjoyed my time with the game, and I hope you guys can enjoy it too.