This mod in particular is being balanced for purposes of Tournament play, which is why many stages are relatively tame with the hazards.
The game features a Castlevania-themed stage, a new Donkey Kong stage (replacing Rumble Falls), a Jungle stage (from the Subspace Emissary), as well as a handful of other tweaked stages and stages from the original Smash (Saffron City, Hyrule Castle, and Kirby's Dreamland are all back.)
That said, NOT EVERY stage is going to be like this. You'll be happy to know that Rainbow Cruise, Mario Circuit, Fourside, and Big Blue are still in the game, and it's not like they got rid of all of the items, so they're shooting to maintain Smash's functionality as an awesome party game.
(I do think there's a few bugs with a couple of the items and one or two final smashes that they're trying to work out.)
Also, the Project M team is still working hard to re-balance certain characters (Kirby, Yoshi, Samus, the Ice Climbers, Diddy, Olimar, Squirtle, Ivysaur, Zero Suit Samus, and Metaknight). Also, the Pokemon Trainer is history, I'm afraid— all three of his Pokemon are now completely separate characters.
edited 6th Jun '12 8:37:32 AM by OrangeSodaGuy