>>30155773I view it the other way around.
Merciless only comes into play when you use Venoshock on a poisoned target; Regenerator comes into play every time you make a switch, which is going to be plenty of times due to the nature of competitive battling + Toxapex's role as a wall.
Yes, it does make Toxapex fairly one dimensional, but Regenerator also makes it effectively without equal as a wall. Forcing out opposing sweepers/set up mons after wracking up residual damage from Scald, burns, Toxic, opponent's LO, breaking Mimikyu's disguise, etc on a mon that will basically leave the encounter almost the same way it went in minus some PP spent is always a win in your favor.
Impossible to kill wall that can nullify setup is even better than Ferrothorn, since there are mons who can setup on Ferro, despite his offensive presence due to Steel/Grass not being terribly good coverage because it doesn't have Haze or any way to deter setup boosters with a Sub.
I'm going to make both a Merciless set and a Regenerator set since I see merit to both. However, Regenerator is the better set and should be the one people recommend. Again, it isn't that Merciless is terrible (offensive presence on a wall is good, despite its many limits), it's just that almost nothing compares to Regenerator on a defensive mon (or even an offensive mon if it has LO/U-turn going by Mienshao and Tornadus-I).