I've been pleased with Magic Coat lately. I do miss the consistency of TWave and Toxic at times, but reflection everything from those two to hazards, and all the status moves in between (Dark Void was especially amusing combined with Trace) really sets it apart. The main thing is the surprise factor; Magic Coat is a Magic Bounce that you use a turn for, which is lackluster, but people often don't expect it. Porygon2 is otherwise sleep/toxic/hazards bait. Magic Coat makes Porygon2 have some interesting utility on a team, and it has good synergy with Aegislash, as it doesn't really mind burns or Ghost moves and Aegislash is immune to Toxic and Fighting moves. Discharge can also be used in place of Tbolt on BoltBeam as a compromise for not have Twave. I kinda prefer Prankster users for spreading status anyway, so I'm going to continue with Magic Coat antics (setting hazards I don't even have on my team and putting Darkrais to to sleep and getting THEM with Bad Dreams are particularly amusing uses of Magic Coat P2).
Main issue with Magic Coat, however, is inconsistency. I know this thing is setting hazards but after the initial go, it's all about predicting what they predict. Sometimes they go for another try right away, allowing either redundancy on my part or another layer, either way, but they can also go for an attack. Luckily, most setters don't pack the punch to blast Porygon2 allowing it to recover from those hits, but they have the advantage of choice from there, as with Stealth Rock or Sticky Web, or Toxic, they can just do it again and again till they succeed. Of course, having Pokemon immune to, or capable of undoing these statuses is useful to.
All in all, I don't see Magic Coat used a lot, so it's great as a surprise move that can do a large variety of things to turn the opponents tactics against them, and can pull its weight in place of Toxic and especially Twave, as there's no shortage of Twave using Pranksters. Main thing Toxic has over Magic Bounce is that it's very good for non-steel walls that can otherwise heal off damage in Porygon2's face. It also does its one job well and depends on much fewer variables than Magic Coat does.