Hmm, well all signs point to this being a Q1 2008 release now - if they're actually using the time to polish it up even more (get online as lag-free as possible, fix possible balancing issues, add more variety) then I'm all for it - Galaxy is more than enough for me for the Christmas.
Plus it's a good business move to save it for a time where Wiis aren't sold-out, like they definitely will be this holiday. Smash Bros has huge system-pushing potential, so it would be somewhat of a waste in December.