Today’s update from the official Smash Bros website brings us some more information on the controls. It would seem that a character with wings will be able to glide through the air for a short period of time.

 Gliding

Sort of like an extension to the double-jump, if the player holds the jump button after the mid-air jump, the character will be able to glide through the air. The player will be able to control the characters pitch (up-down angle), but as soon as the character hits something (or more likely in this game, something or someone hits the character) the flight is over.