As a trainer whose primary tier is Übers, my favorite method to counter entry hazards is neither Rapid Spin nor Taunt, but Magic Bounce in combination with offensive pressure, since such is necessary in order to take out the users of entry hazards before they KO the Magic Bounce Pokémon and then set up the hazards anyway, as no Magic Bounce Pokémon can repeatedly switch in and block the entry hazards of every user indefinitely. For that reason, I greatly prefer Espeon over Xatu due to its much greater offensive presence, allowing it to do things like weakening Groudon with Grass Knot and Dialga with Hidden Power [Fighting], enabling them to be finished off by a teammate before they can set up entry hazards after Espeon has fainted. I find that Rapid Spin and Taunt are both extremely unreliable in the Übers tier, as the former is way too easily blocked by certain Pokémon that no user of Rapid Spin can easily defeat, while in the case of the latter, the opponent's entry hazard user may not be out at exactly the same time as when the Pokémon with Taunt is out. While Espeon isn't a guaranteed method to counter entry hazards, especially with the existence of Mold Breaker Excadrill, I do really enjoy the great and vast utility that Magic Bounce in general provides, such as completely and utterly stone-walling the incredibly deadly Roost-Substitute-Toxic-Whirlwind Lugia (or even crippling it by switching into a predicted Toxic), ruining the Shell Smash + Baton Pass strategy by switching into Shell Smash and then using Yawn as they Baton Pass to Dialga (or even better, reflecting their Smeargle's Spore if they happen to use it as Espeon switches in), reflecting Dark Voids, and things like that.
The cons of using entry hazards are as jesusfreak94 mentioned, but one pro that I have personally encountered when team building is simply the fact that not using a hazard move gives the team one more moveslot to use another move. Most of the time, not using at least Stealth Rock for the benefit of allowing one Pokémon in the team to use another move isn't worth it, but for the record, I actually have built several teams without a single hazard move, exactly because I couldn't fit it anywhere, as I considered every single move known by every Pokémon in my team capable of learning a hazard move to be completely irreplaceable. I had a Magic Bounce Pokémon in every single one of such teams though, which somewhat served as a substitute for the hazard moves themselves, but I don't use any of those teams anymore as I found that they weren't successful (not because of their lack of entry hazards though).
Like many people, I do believe that Stealth Rock's damage output is way too high, especially on Pokémon with a 4x weakness to Rock. However, my main concern is not just limited to Stealth Rock itself, but all entry hazards in general, or more specifically, the fact that all three types of entry hazards can be stacked together, combined with the ease with which Rapid Spin can be blocked (something that doesn't even make sense to my eyes, because when a Pokémon uses Rapid Spin on a Ghost-type Pokémon, it technically isn't hitting any target besides the entry hazards themselves, so the spinning should actually be more effective than if it hits a target, something which would impede the spinning itself), as well as the ease with which entry hazards can be abused with pseudo-Hazing moves. Against most teams, getting down Stealth Rock and one to two layers of Spikes is no difficult task, and that is oftentimes more than enough to cripple just about any team regardless of how Stealth Rock-resistant its members may be, especially when such hazards are combined with the use of extremely bulky pseudo-Hazers. In addition to a nerf to Stealth Rock (possibly by halving its damage output, or putting a time limit to it), I personally also strongly believe that it should not be possible for a trainer to have more than one type of entry hazard on their field at once (so if one attempts to use Spikes or Toxic Spikes while the opponent already has Stealth Rock on their field, such moves should fail), as I think their combined damage output, even on the most Stealth Rock-resistant of Pokémon, is way too great.
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