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Deals damage. Lowers the user's Speed by one stage 100% of the time, and lowers Defense by one stage if and only if Speed is attempted to be lowered by the effect of this move, and lowers Special Defense if and only if Speed and Defense are attempted to be lowered by the effect of this move.
The literal V of victory. After the 14th movie event that couldn't be more true. V-create is a 180 Base Power attack, being the most powerful Fire-type move in the entire game. The attack will lower the user's stats, but honestly the damage output is more than enough to compensate. Victini is the sole user and his place in the UU tier shows how good the move really is; he was once overshadowed by other more powerful options and this move alone changed everything. Now the little rodent has a move that leaves even Ho-Oh's Sacred Fire with envy. This attack is so obscenely powerful that even if you don't invest EVs to the Attack stat it still hits incredibly hard thanks to the impressive Base Power and Victini's 100 base stats across the board.
In an odd stroke of luck, Rayquaza also receives V-create via event, and makes great use of it due to its massive Attack stat. On Rayquaza, V-create offers valuable coverage against the Steel-types that would normally come in due tank its Dragon-type STAB attacks, and boasts the same attack power as a STAB Outrage, making it easy to spam early-game to ruin the Steel-types. V-create sees most use on mixed and physical sets of which Rayquaza can easily exploit switch-ins.
When facing either threat, always expect the big V of victory to show up sooner or later and be prepared, because one small mistake and it can open holes in an entire team, often deciding the match.
Flare Blitz is a less powerful move that deals recoil damage to the user instead of lowering the user's stats.