Not a lot. It's just a handful of items and the food. All the rest that you mention is true. In particular, the hammer, like you said, is very easy to avoid, but we'd rather not see it drop from the sky, anyway. Same goes for nearly every other item listed. Just our personal preference. The fan is a special case, however... it wasn't a unanimous decision. I myself am not a fan of the fan. My friend can't say many good things about it. Some other guys we play with love the thing, but they don't miss it if it's turned off, so we just turn the thing off. It's only a projectile to us, which something else falling could easily replace.
On very rare occasions where we do "tournaments" of sorts, we turn off all items, but turn on all stages. But that's once every two years or so. It's difficult for us all to convene when a few guys are still away at college.
Our levels are adjusted a bit depending on where we are playing, though. One guy has a small TV, so stages like Hyrule Temple and Fourside are a HUGE pain in the ass to play when everyone splits up. Actually, the whole game is pretty painful to play in those conditions, but we try anyway. He needs a bigger TV.
EDIT: Yeah, S. Final Destination and the Battlefield are two of my favorites.
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