Would this apply to something like Marvel VS. Capcom as well?
Somewhat, I suppose. The big difference, at least to my eyes, is that Marvel vs. Capcom is first a fighting game, then a character/mascot nostalgia-fest. People don't buy it or play it because "OMG Wolverine slices things", they dig it because it's a fast, easy-to-learn, ridiculously over the top 2D fighting game. Smash Brothers, on the other hand, always felt more about the mascot showcase than the actual gameplay (which is both basic and boring, IMO).
Then again, you'll rarely see me speak well of any brand of gaming entertainment targeted towards the plebes and simpletons, so I might be missing something in my evaluation of Smash Brothers (I played the Gamecube version a bit when I borrowed it from a friend a long time ago. Wasn't impressed, as you could might tell).