Woah. I never noticed any of that Zelda stuff, but I have always wondered; the Zelda games are no less violent that Lord of the Rings, yet they earn an E rating...ALWAYS. Something else I've noticed is that with movies-turned-games (ie. LotR) is that the rating always seems to sport the movie's rating, and vice versa.
Seriously, though, SSB:M is no more violent than its predecessor (except of course for the fact that there's more unlockables, therefore more violent gameplay is consumed, for it is undoubtedly a larger game...but ESRB's stupid, they wouldn't notice that), which earned an E. Honestly, this is confusing.
Sort of off the topic of gaming, but have you read the "great children's novel" The Hobbit? The Master speaks of molesetation...weird, eh? So, jpturner, don't let your kid read The Hobbit. *nods head*
I think the entire idea of the ESRB is kind of stupid. Look at Japan! They're in gaming heaven, with no ESRB to be found! But...then again...they have pr0n gaming...like that one game, "Do you like Hr0ny Bunnies," where you work at a restaurant with a bunch of hr0ny women...in bunny suits...
And no, I don't know that from experience, or anything

I was watching X-Play on TechTV, and they had an episode on gaming life in Japan. It makes me wonder why we don't have an ESRB for TV shows.