yeah in addition to this: luck and probability were clearly factors the developers placed in the game to balance it. I don't see why you'd remove it just so you can demonstrate who can hit a sequence of buttons faster.
Because you're trying to find out who's the better player, and random items is essentially a very complicated way of picking a random player to give a stat boost. Also, they're not added in to balance the game, because they don't, they unbalance it - they're added in for bloody fun! Nowhere near balanced when a newbie can pick up the hammer and stack up 5 kills in 5 seconds, but hey I don't give a damn it's fun as hell.
vf4 is pretty skill oriented i've thought. you can counter counters and shit if you are really fast and know the whole roster's moves.
Never played VF4 but heard about it. Fighters with too good counters tend to become all about twitch reflexes rather than tactics, and from what I hear VF4 is one of those. Not really my kinda thing. (Also in case anyone misunderstood me I was talking fighters in general, not SSB in particular)