You know how, in Smash Bros. Brawl, waiting for a match, you get to beat up on a punching bag?
The lobby could use something like that. Just a simple arena -- or not even, just a white space to be -- and a passive/stupid enemy to practice combos on/beat up for fun.
The load-out screen could be the same -- you'd only get to the lobby if you've locked in as ready to play. (Also, I'd like some way to lock in readiness.)
Turning my dude around and around and around is cool and all, but kind of dull, especially with the length of matchmaking. I hope what's going on now is indicitive of some kinks that need ironing out, and not a lack of participants. When I first hopped on the beta matches came together pretty quick, but now I find myself waiting a lot. Time to think, hence this suggestion.
I don't like to leave people hanging with no replies so im hitting you back.... Super smash doesn't have equipment to edit and spells to change. I would assume that they will just make matches fill quicker and let you edit your character while you wait.