Does it still reward the last place guy and punish the first place guy? ie , first place gets a fake ? block, and last place gets a lightning bolt.
Yes and no. If you think that you aren't going to get shelled a few times if you are in first then you are kidding yourself, BUT, recovery time is a lot shorter, blue shells are very rare and you won't have those situations where you are hit by 5 red shells in a row or everyone in last place gets a lightening bolt, ect.... Also if you fall off or get knocked of the track you are immediately put back on, it isn't like previous iterations where there is a big delay.
Let's put it this way.... I just went through the 50cc mode. I won all the grand prix cups with all 1st places except the final one (still got 1st overall, but placed 2nd in one or two races).
Multiplayer is significantly more difficult, but you are racing real people, so duh. One thing that is cool about multiplayer is the lucky 7 has been replaced by the lucky 8. If you are around last place you'll be more likely to get the lucky 8 which is all 8 items rotating around you in a circle (except the sound box and blue shell). Single player mode doesn't give you this though.
pbj: You obviously didn't watch the e3 coverage. Nintendo owned the competition this year. Most stuff is coming out in 2015, but people finally seem to be excited about the wii U now that they announced a HD Zelda (yawn). I doubt they are going to be as desperate as you think. There's no snaking btw.... it's gone.... wasn't in the Wii or 3ds versions either just for the record.
Personally I'm all excited about a create your own Super Mario Bros. game and the 20 dollar, 4 player game cube 2 usb adaptor, but hey, I'm weird that way.