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I'm planning on trying this guy out in UU. He's not nearly as bad as the initial anti-hype would have you believe. Can even be quite solid in OU, he's just not really worth it over the other crazy Megas competing for the slot.
Sure, without Tough Claws impacting them EdgeQuake is only about as strong as LO Aero, but his coverage moves (the Fangs, Aqua Tail, Iron Head, even Aerial Ace or Sky Drop [is that unbanned now?]) get quite strong. He's fast enough to go Adamant 252 Att/252 Spe, and he can even make use of Hone Claws to patch Stone Edge's accuracy.
If he didn't use the Mega slot he'd see much more play, but as it is he has utility. Definitely not a waste of a Mega, and far from the worst.