Just an update to my original post:
I did get a lot better. I actually got up to 4 million+ GSP and won some locals and made it to championship matches. This is the only controller I used the whole time. I didn't notice any connection lag/input lag. My left analog stick DID become worn after about 150 hours of hard use. When I say worn, I specifically mean that the stick has some drift to it now. The physical stick has become a little loose and won't snap back to neutral like it did.
Because of this, I went out and bought a new one. I sent the other one back to PowerA since it does have a 2 year warranty, but their damn warranty is so vague and confusing that I am still just waiting to heat back from them. Honestly, I think the normal pricing should be about $34.99, not the premium they are asking. But if all you're going to use it for is Smash, I still say go for it!
Just to reiterate, if you use it for Smash, you will have to change your button layout in the Controls Setting on the Pro Controller option as the system does recognize it as a Pro Controller. I remapped my buttons, but if you use default, I'm not sure you would need to remap anything.
