He's the best DLC so far tier wise. At least, imo.
I haven't played online with him yet but just sitting in training mode for a few hours has convinced me. His projectiles are sick, his mixup game is godlike, and his combos do so much damage. His pokes aren't bad either, his 1 is pretty quick, down 3 is pretty fast. down 4 kinda sucks and his uppercut and sweep seem a little slow. Not sure how his wakeup game is, whether or not he can teleport on wakeup safely.
He reminds me of Scorpion in terms of 50/50 mixups. Except Freddy is better. He can make any move safe with teleport, he has great keep away, low, mid and high combo starters. 1 meter 69% corner combos, sweet dreams let you pressure on wakeup or bait out a move. I mean... the only thing he doesn't have is a kung lao spin and a mileena d4.