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Not that good, not that terrible. Most of them are weaker than their regular forms with items.
Some really good ones design- and competitive-wise are Mawile and Kangaskhan. Gardevoir and Absol are pretty good too.
Then you've got shit like Aerodactyl, Manectric and Tyranitar, which is >LETS ADD A SHIT-TONNE OF SPIKES ALSO WE'RE USELESS. And then there's Blaziken and Lucario which are supposedly catering to the 3edgy5u crowd but really only used because they're stronger. As for making weaker mons stronger, it pretty much only did that with the good megas mentioned above.
Also, Mega Gengar is the highest form of bullshit in competitive Pokemon and should go straight to the Ubers where it belongs.