When I think about a character I definitely use a mix of matchups and tourney rep. However, tourney results can easily flux to the point where you really have to have been paying attention to them for a long while (which I have). Matchups are definitely the groundwork for my tier list, and should be for any other.
ZSS vs Lucario is a good example of where IMO matchups weigh more heavily than tourney results. They both usually occupy a similar area on the tier list, with each character having a few big names in the tourney scene (though L. Mart and Azen were more well known in their prime than Snakeee Dazwa and Nick are I'd say). However, I think it'd be hard to argue that ZS's matchups aren't better than Luca's, even if very slightly. They're very close in any case and should be right next to each other in the next list.
And I still disagree that Diddy is better than Snake. I think he's very close to Wario, but IMO the fact that you can CP against Diddy and can't really CP Wario well is the thing that pushes me over the edge in thinking Wario has the slight edge.
Also to Nintendofreak and Mountain Tiger, it's fine if you guys think Ike and Zelda should move up, but you've gotta say who would they pass up. I want to debate my list because, obviously, I think it's pretty correct, so try to sell me on who they should rise above.