Latios... My favorite of the two eons as I always tend to love attackers more than defenders. Latios has a ton of good reasons to use it but there are still a few flaws in it.

The cons: Latios's most famous feature is it's special attack stat... Backed with good speed and soul dew, it can fire off explosive attacks that will hurt even the ones who resists them... I've been swept a lot of times with latios sadly to the point that I had to put a counter especially for it. latios's other major selling point is it's looks... (haha... just kidding).

The bad: Latios's major flaw for me is it's typing... While it does offer some attacking coverage but Dragon/psychic is not the best defensively as neither types interfere with each other resistances and weaknesses to cancel each other out... Which means that it has weaknesses to dragon, ice, bug, dark and ghost and resists psychic, fighting, electric, grass, fire and water... Although there are not 4x weaknesses it is so easy to figure out it's weaknesses. It's movepool give this pokemon some hard time as it's limited options force latios to be predictable and easily walled by the proper pokemon.

It's ability levitate is not that bad but not extremely good as_for me_if a pokemon was not weak to ground type attacks, there will always be a better ability for the pokemon... a very good ability on rotom heat but wasted on rotom fan or mow! This is my thought... Some will say any immunity is good but latios's defenses are good enough to let it survive a non SE hit!

Always prepare your team to face this pokemon in OU or in Uber's... If this pokemon is used on a rain team with surf... Better have a rain dish or water absorb pokemon that can take the hit!
Good luck!