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Deals damage and lowers the user's Special Attack by two stages.
Deoxys's signature move is rarely seen. It is an occasional sight on Deoxys-D in OU, who uses it on offensive Spiker sets to eliminate Tentacruel, a common user of Rapid Spin. However, the move is seen quite often on Deoxys-A, more so than in previous generations, when most of its opponents resisted Psychic, were already weak to its other moves, or both. 140 Base Power STAB off of base 180 Special Attack screams "destruction," exceeding Kyogre's Surf and every Dragon-type's Draco Meteor in power. The Special Attack cut is a very hefty cost for Deoxys-A, though, since it needs every opportunity it can get to switch in.
Lugia also happens to have Psycho Boost through Pokemon XD, that one game that seems to be about laughing hysterically. Unfortunately, it has poor coverage alongside Lugia's signature attack, Aeroblast, and the Special Attack drop makes it unsuitable for a Calm Mind set.
Psychic is a weaker option without any drop in Special Attack.