Well, I feel that Legendaries are alright as they are. One thing you have to remember is that unlike ordinary Pokemon, you only have one per game, so once you got this Legendary, this is the one you are given until you reset your game. The ordinary Pokemon has the benefit of being catchable to get more than one of, and for those who aren't, there's always breeding, giving them more leeway in getting the perfect one. As such, I view the Legendaries as a balanced competitive Pokemon because of their rarity (and catch rate, making it harder to use a special ball for them, like the Luxury Ball). For example, if you got a Modest
Terrakion (+SpAttack, -Attack), which not the best Nature for it, you may as well recapture it again, but once you caught it and
saved, you have no way of getting more of it until you start the game again. On the other hand, if you got a Modest
Darmanitan, you could catch another
Darumaka with an Adamant nature or breed for one, so you have second chances.
Roaming Legendaries are similar in that they are hard to meet, but as long as they're great, I don't see how it's that bad for them to be powerful.
Thundurus and
Tornadus are really powerful, but they are roamers. They are, however, well-designed roamers because there is a visual cue as to if they are around (
Mesprit is possibly the other).
How about the Big-time Legendaries (titans like
Kyogre and
Lugia)? In addition to the one-per-game status and sometimes minuscule catch rate, they are probably too powerful. But that's not a bad thing if you ask me, because they are meant to be so powerful it gives the player a challenge. The reward with enduring such a beast should be a real reward, which is of course to have possession of one. Their rarity could also make it so that it's not easy to get one legitimately, so
Arceus is not going to be easily obtainable because so far it's only Event-exclusive.
In short, I think the Legendaries are balanced in such a way that makes them undeserving of a nerf. (However, some legendaries had a nerf, like
Articuno, who is absolutely hurt by Stealth Rock that its defences can't save it from being taken out)
Thanks for reading.
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