The current major issue impeding Smash 4's competitive scene is the ridiculous campy defensive style of play of certain characters/people with Smash 4 creating extended match times that delay Melee when scheduled to be on the same exact stream (see VGbootcamp during Apex). That caused so much frustration that it was unreal. Also, no one likes to see Dabuz and Abandango run around a stage like little pansies for 20+ minutes to play a Best of 3. That totally put a bad taste in people's mouths. I stayed up until 3:30am watching and talking about Melee finals after that and nearly died at work/school the next day.
What you're probably going to see is the similar kind of breakdown we had with Brawl and Melee. You'll have people that have always played Melee and will only play Melee, you'll have people that will play both and started on Melee, you'll have people that started on Brawl that eventually work their way over to Melee, and you'll have people that dabble in all Smash games. Replace Brawl with Smash4 and it's the same thing. Brawl and Melee eventually coexisted very well with each other, and after about 3 or so years, all of the fighting and bickering went away and people saw each game on its own. If anything, a competitive scene for Smash 4 is being impeded right now (partially due to how people are playing the game, mind you), and after 2-3 years you'll see it become nearly as hype as Melee.
And, oh yeah, PM's pretty awesome too. I think 3.0 was better than 3.5, but that's just me liking crazy combos too much.
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