Zero is ranked 5th on the tier list. He has a solid projectile in his Z-Buster, excellent range, and good KO moves in Rei Shiki Kitazan, Rei Shiki Kabutowari, and Kuenzan. He's also fairly fast, which gives him a good approach. Like the other sword users, he can also cancel his aerial momentum with Rei Shiki Retsuzan to increase his survivability.
However, he has no forwards-boosting moves, which limits his horizontal recovery. In addition, the advent of techniques such as jump cancel and momentum cancel have hindered Zero's effectiveness somewhat, as he has no highly exploitable moves that match the caliber of the other top tier characters.
However, Zero is still an incredibly strong character, which is why he is ranked at 5th.
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Zero has the last character ID in the SSF roster. This means that attempting to perform the Skip Glitch on his Target Test layout will send the player back to the Stadium Target Test character selection screen instead of advancing to another fighter's layout. This even applies if Target Test is entered through Classic mode or Adventure mode instead of Stadium.