I've been expressing this sentiment to a few people IRL, but I wanted to mention that I am extremely happy about this patch, and yes, it's primarily because of what happened to Sheik.
And it's not for the reason of being able to perform better in tournament play (although that is obviously a HUGE fringe benefit), but rather because, this is now the first OFFICIAL Smash game where every single character has at least one losing matchup to their name. Every single character has their own lineup of checks and counters in the matchup system. And every single character has their own discernible weaknesses -that isn't just being light, or being easily combo'd- that players can take advantage of.
In the previous Smash games, the highest level of the metagame was literally just "Be Isai Pick Pikachu, Pick Fox, Pick Meta Knight and all of your matchups will be covered." And while some of them (Melee) have done an excellent job to this day not progressing to that point, we saw others (Brawl) have their metagame completely degrade to the point where it was simply raining Metas and Knights. As someone who saw firsthand what MK managed to do to the Brawl community, I was extremely worried we were going to have a similar issue with Sheik, in part due to people flocking to her for her very attractive lack of losing matchups, and discernible lack of weaknesses outside of being light and easy to combo (and before you ask, no, I do not believe pre-patch Sheik was ban material, and I also agree she was the worst "best character" in a Smash game to date).
With the update of 1.1.5, though, that future has been all but thrown out the window. Of course, I have to offer my condolences to those who mained Sheik to this point... but I want to stress that the effect this update will have on competitive play as a whole will be huge, with a large swath of characters being able to jump into the realm of viability. Sure, the metagame might end up being a little high/top tier heavy, but remember, there are a LOT of characters within those two tiers.
When I imagine the potential of Smash 4's metagame now, I see a vivid rainbow of colors, where before, I just saw a ninja.
(Edit: Also, does anyone know how I can change that 'title' directly below my username? The one that says 'Brawl Backroom Member'? I've checked every option I could in the User Settings menus, but to no avail. Help?)