Being that he's my favorite character to play as, here's my opinion.
He's pretty good now, but for being relatively underpowered in of that generally his strongest attacks don't come close to comparing with most of the other character's ultimate attacks and that his one true beam struggle attack can almost be knocked back by a basic beam and almost right from the start can be blocked away immediately, he needs a bit more to balance him out a little. Now you can get away with not being able to power struggle (unless your PL is insanely higher than the other player's), so if worst comes to worst, the masenko could remain a useless attack. What pic really needs is speed. IMHO, he should be the fastest character as his attacks just don't hand out the punishment of a KWave or BBA. If he just had more speed he'd be perfect.
-Karrde-