I don't know of any source that confirms the amount of characters that will be in the game.
Don't be a spoilsport. There's definitely no reason there shouldn't be at least 40 characters (I only used the number as a general assumption).
Then again, we have 5 target stages now, so I can see being shorted on characters too.
It does kinda defeat the purpose though doesn't it? I especially liked Ness's target stage, cause you had to guide the thunder to get a few of them. Guess that's not necessary.
Probly means that Luigi/G&W won't be unlocked that way this time.