Team - Sand Standard α:
Sokokyoryu (装甲恐竜,
lit. "Armored Dinosaur") the Tyranitar @ Tyranitarite
Tochikami (土地の神,
lit. "Land Kami") the Therian Landorus @ Aggronite
Yogankame (溶岩カメ,
lit. "Lava Tortoise") the Heatran @ Latiasite
Kohikigaeru (工場ヒキガエル,
lit. "Plant Toad") the Venusaur @ Venusaurite
Suchimoru (スチールモル,
lit. "Steel Mole") the Excadrill @ Metagrossite
Tsuyokei (月の妖精,
lit. "Moon Fairy") the Clefable @ Sablenite
My team is essentially compromised of a Stall-Biased Balanced core and two setup sweepers - both of whom benefit from Sandstorm in some way. The bulky 'mons and Steel-types generally are able to take most of the Physical attacks in this tier, including - but not limited to - Heatran, Blissey, Landorus-Therian, Cresselia, Clefable, and Skarmory. I will agree with
mallpal in that the lack of reliable items other than Stones can be a bit of an issue in regards to their usefulness in turning a game around, especially within Perish Trap, etc. However, I will say that Mega Stones and Orbs aren't always necessary, as probably a majority of us know by now that it's just the preferred method for keeping up in a meta filled with them.
For example, I faced a death sweep at the hands of a core built around Choice Scarf Kyurem-White; and with my Latiasite Heatran's Levitate nulled by Turboblaze, that thing was a slight pain to counter, especially since my team lacks any significant priority and relies solely on speed, bulk, and phazing ability. This just goes to show that normal items can prove to be worth the use, but in most cases, the uses of Mega Stones and Orbs tend to be the preferred method as of now, since this meta is steadily growing. After about two hours of uninterrupted gameplay of the meta, I started seeing more normal items in use.
EDIT: Also with the rise in the advent of Ubers in the meta (i.e. the "Legendary" and "Mythical" Pokémon), I can expect a challenging meta altogether; although, I don't see them most of the time. It causes me wonder how Xerneas, Kyogre, Giratina, Darkrai, and Lugia will fare. (Those five were chosen solely from my own /bad/ experiences fighting them.)