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Mega Evolution was honestly a more interesting idea than what they've tried to replace it with.
Part of what's great about them is seeing how each individual Pokemon is enhanced, with retooled stats, abilities, designs and sometimes even movepools. Every transformation is entirely their own, and takes them to the next level in a specific way. Getting something like...An Altaria with the Fairy sub-typing, Pixilate, Hyper Voice, and changes to its attack and defenses was more compelling to me than just...Making a Pokemon bigger for 3 turns...
Both Z-Moves and Dynamaxing seem like an attempt to make every Pokemon 'better' at the same time, by just giving them all these crazy, universal super-powers. But that's exactly why they don't do anything to grab my attention or imagination like Megas did.