I've gotta say, I feel like items take away from the competitive aspect if the game, but are really suitable for a party style game. The way I play, items are almost never included.
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I have a great set up for Smash Wii u: No items (I use Smash ball for the fun of it but u don't have to) with 2-3 stock and a time of 5min to make sure the matches don't go on forever