The SBR's Official Position on Meta Knight

But, just in the air, heh, no where else.

Nope, pretty sure Meta Knight owns everywhere.

New question:

If they were to "balance" metaknight, or make him more "fair", what would they do?

I think they would make his walking and dashing speed a bit slower, take away one of his jumps, and take a bit of damage (not knockback) from all of his moves, ESPECIALLY the nado.

Make his B moves more punishable. Fast fall.
Dsmash has starting lag, like fsmash.
Do away with the cstick.

Making his Nado Diable and lowering his overall priority would hurt him enough.