I prefer Melee, it's more precise, faster, and has tighter aerial control. I consider Smash Bros to be a hybridization of fighting game and platformer. I haven't played the 64 version in a long time. Brawls advantage is character diversity, some would argue graphics as well, but I prefer the cartoonish ones to the really textured ones (I don't know exactly why though).
An elite Toad needs to be in a Smash Bros title outside of peaches dress. And also, this may sound psychotic but...I think Nintendo should make a turn-based strategy Mario (or Nintendo in general) game With, the mushroom kingdom and bowser's kingdom (and Hyrule and DK's jungle if we're speaking of Nintendo in general). Toads would be standard infantry in the mushroom kingdom.