At this point in time, I don't think we'll ever see one of the characters from the first game being cut from this franchise.
People get nervous when their favorites aren't announced. Some people thought that Yoshi had been cut because they took so long to announce him. But as we saw, Yoshi was not cut.
Sakurai hates cutting characters. And while he's said that not every character will be in the new game, we saw the return of characters people really thought would be cut such as Toon Link and Ike.
And yes, I've been greatly impressed with the character selection process of this game.