i just love this pokemon. after a couple quiver dance it can sweep entire teams with no problems, what i don't like is that it doesn't have moves that hit some pokemon hard enough; dragonite, heatran (if it lacks HP ground) and even talonflame have resistances, or double resistances, to every single move.
i use it with this set:
ability: flame body
item: leftovers
nature: timid
4 hp/252 Satk/252 spe
moves:
-roost
-quiver dance
-fiery dance
-bug buzz
with this spread it can outspeed all the bulky water types to use quiver dance and after that it won't lose many hp beacause of a special water move; leftovers and roost give it reliable recovery to restore the hp lost. i usually manage to setup several quiver dance using this tactics, its only flaw, as said before, is that some pokemon completely walls it.