Sephiroph certainly has an AP advantage- Meta Knight would be lucky to even harm Seph. However, Meta Knight has Mid Regen meaning he can Regen near instantly from things such as being impaled (Seph has Regen too, but that doesn’t matter as Meta Knight can’t really injure him anyways). Meta Knight has a Range Advantage with his attacks, however, and a large mobility advantage from his small Size and Flight, which he commonly abuses. He also can come back from death by Absorbing Life Energy- side question, does that mean he could come back from being absorbed into the Negative Lifestream? Sounds like something that has Life Force in it.
Both are incredibly skilled, and Meta Knight has no chance in Close Combat. Even if Meta Knight doesn’t start with Friend Hearts, he can come back, and should be able to register the immense difference between the two fighters. Since he has Friend Hearts, I’m convinced he will use them, even moreso if he feels he’s at a large disadvantage. With a resistance that’s not strong enough to combat the Multi-Galactic Potency, and the fact that Friend Hearts don’t need contact to work (at least, not direct contact), if Meta Knight uses them I’d bet Sephiroph loses.
Tl;dr Meta Knight uses Friend Hearts and wins. Granted, I could be wrong. Sephiroph could have some thought-based Hax I don’t know about or instantly start with something Meta Knight doesn’t resist. However, from what I know at this moment, Sephiroph probably loses to the Friend Hearts despite being massively outmatched in AP.
