I played it for a bit, and it's really fun! I do have some criticisms that I would like to voice, though.
My main complaint would just be the relative stiffness of the controls, I felt like I was constantly dropping inputs, inputting things I didn't want to, going through some sort of lag every time I landed on the ground, and generally like an element of fluidity is missing from everything, it doesn't exactly "melt into the hands" like how platformers should, and often times I felt like I was fighting the controls more than the game's levels themselves. It felt like my brief experiences playing Melee with all my Smash experience coming from every game after that one, it just felt sort of clunky and unresponsive. I think if you made the transition from air-to-ground smoother and significantly raised the back-and-forth air acceleration it would feel a lot better, alongside some other tweaks to generally make things flow better, though I'd have to play the game some more to further diagnose where else the stiffness is coming from. Maybe you could add an input buffer to make it feel like fewer inputs are being dropped, provided it isn't already in the game already. You could even make it adjustable, so people who are used to Melee's lack of buffer can play without, whereas the people like myself can have an experience more like the more accessible modern Smash titles, or even other platform fighters like RoA. Also, I'd appreciate it if the weapon wheel slowed the game down, as switching can be a little awkward when everything else moves around you in real-time.
That's really my only issue that isn't just a result of lack of content (which is understandable considering it just released yesterday), as all my other nitpicks revolve around the theme of "more x." More room layouts, more enemy types (please add enemies that aren't just easily beaten by parrying them over and over again), more special moves, more normal moves, more weapons, more story, etc. Maybe you could reduce the amount of platforming and target rooms in favor of more combat arenas since that's where the most fun is had, but I can see these things as just inevitable additions, so they're not really that useful of criticisms.
I really like what you've got here, it looks incredibly promising. The art style is great (though perhaps it could use just a bit more color), the animation is really good, it's just such a brilliant concept in general. I'm excited to see how it grows throughout development, and I'll make sure to pick it up when it releases.