I think the notion that peach counters falco is severely outdated. Yes, she can put damage on him fast once she gets a hold of him, and she can even do some decent edgeguarding to gimp his recovery. But that can be said about most charaters vs falco nowadays. The real problem is getting a hold of him, and simply floating out of range of lasers isn't very effective. She really lacks any approach. I would say its even probably, and if anyone has the advantage, its falco at this point.
People have to realize that the game has progressed significantly, and what people used to think of as counters no longer hold true nowadays. Peach's game has remained pretty stagnant, while Falcos has grown tremendously over the past few years. He just has far too much priority, and her lack of speed really hurts her when trying to punish him. Sure you can **** dumb players, but that can be said about most characters vs. falco honestly.
BTW this is in response to ame's post about Falco getting ***** by peach, but it is also something that I wanted to share with everyone.