This character isn't as unbalanced, he just became outright bad, if not totally nerfed, I think Jigglypuff fits the description perfectly. These are a few things that have happened to Jigglypuff.
It is way too floaty, making it an easy midair target.
It's rest technique lost WAY too much of the power it had back in Melee.
The rollout move is a tad slower than it was.
As creative as it is, Jigglypuff's final smash is just too ineffective.
Although Nintendo has been kind enough to keep the original 12 smash characters from the first game (jigglypuff being one of them) I fear that Jigglypuff could actually become the first of the original 12 to not make it to the next SSB game. The only way it will is if it gets unnerfed and it gets its Melee based power back.