I see a lot of people claiming that the fact that Pyrrha has smiled before, and that sometimes it’s looked a little creepy, completely debunks the Neo masquerading as Pyrrha theory. Which I think is a weak argument.
In the final scene of the most recent episode, Pyrrha appears to be entering the elevator to Ozpin’s office while Ozpin speaks about the candidate whom he believes will best serve as guardian. The implication is that Ozpin has called Pyrrha up to his office in order to speak with her about it, maybe even to bring her “into the loop” as far as this threat that they’re secretly fighting.
If that is the case, we have one of two scenarios. Either Pyrrha has no idea why Ozpin’s called her to his office, or she has been given some information as to what the meeting is about. In either case, Pyrrha smiling seems out of character to me. In the first scenario we have a freshman student who has been called to the headmaster’s office with no idea why. Even if she knows she’s done nothing wrong that would be cause to make someone nervous. Certainly not to smirk. Case the second, if she does have some idea that Ozpin is going to give her additional responsibilities, what in her characterization thus far(sparse as it is) suggests that she would be happy and smiling about that?
The reason that Pyrrha smiling in the elevator gave rise to this theory is not because of the fact that she’s smiling. It’s that she doesn’t have a reason to be smiling in that situation. Neo masquerading as Pyrrha though? She’d have AMPLE reason to smile in the context we’re given.