You can read the official notes from Smash Brawl designer Masahiro Sakurai, but here's a quick rundown.

That's the entire stage, zoomed out. Unfortunately, it's the more common floating platform type of stage, instead of the grounded-with-boundaries type... like Onett back in Smash Melee. I would have preferred the latter.

Looks like random AC characters appear in the back row, to stand around and gawk. Wonder if Brawl will be able to see your save for AC Wii and pull your specific townspeople (and your player model) to populate the arena?

Of course, this seems to dash any hopes of any Animal Crossing characters being used as playable fighters.

The level knows what time of day it is, and will change the mood of the environment accordingly. Smashville will even include special surprises based on the time, just like regular ol' Animal Crossing...

It's Saturday night! Time for K.K.'s live set!

Awesome. Totally stoked over here.