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Its signature move is, for all intents and purposes, a one time use dragon dance that locks you in. You're not keeping the defense boosts since you have to run close combat, and the special attack is obviously worthless.
It's remarkably terrible. Hell, kommo-o's omniboosting set would be pretty ass if it weren't for its excellent movepool and throat spray. Most of them run defensive now anyway. The point is, boosting all stats in one turn is far from enough to make a pokemon good, but /vp/ is dumb enough to think it is.