Id like to adress that 50/50 argument here because its somewhat flawed in my opinion.
The game is full of "50/50" situations, they are a part of its nature, if you dislike them i suggest playing another game. Is Chomp going to set up rocks or will he attack, will Ferro use Protect or predict a switch and Leech Seed etc stuff like this. Now someone on the earlier pages mentioned that situations like this arent real 50/50s because here is a risk/reward situation involved. Thats certainly true and its the reason why i wouldnt call these situations 50/50s at all. However, the same is true for Aegislash.
Lets take up
Jukain 's example here with Sub Kyurem B. Aegi is in Bladeform after killing something and Kyurem comes in. This is far more than just some 50/50 guess work for both players. If Aegi goes for KS and Kyub subs he is screwed and will be forced to switch out next turn, if he goes for an attack and runs into EP he is outright dead, if he attacks the sub he has to make the same difficult decision again next turn. Its a no win situation for Aegi, no halfway decent player is going to stay in in a situation like that. For the Kyub player on the other hand is just a question of win or win more. If he kills Aegi he wins, if he uses sub while Aegi KS he wins more.
The same is true for most situations where Aegi is involved. When he is in blade form the Aegi user is always hard pressed because Aegis life is on the line while even in the best case the opponent only risks to be forced to switch out to something that can handle Aegi better. For example Aegi vs SD Weavile. Aegi has a very high risk when he is attacking while Weavile only risks an attack drop and therefor having to switch to something else, something any decent player should do anyway because its the best decision he can make. Going for SD here is a typical high risk high reward decision that can be made but isnt neccesary, its the same kind of decision you face when you want to SD with your Lucario in front of Heatran or wanna spin with Exca in front of the same. In both of these situations there is clearly a risk/reward component involved and depending on each players risk preferences there is a "best" decision for each of them, its by no means a coin flip.
The only situation i can think of where it actually comes down to 50/50 is in the late game where both players are out of options. And even thats extremely situational because Aegi will most likely be damaged so that an -2 attack might still be able to finish him of and it can be avoided by the opponent by simply keeping the right Pokemon alive if you see that the opponent is preserving his Aegislash. If you think that situations like that are a reason to ban something, please ban Sucker Punch as well, and while you are at it, ban T-wave and remove accuracy because i have won and lost far more games to full para/misses in such endgame situations than to unfortunate 50/50s against Aegislash.
The next thing is that situations like the one with Weavile, meaning those where the non Aegi player actually faces some risks, arent even that common. They dont occure against most physical attackers because most of them run EQ or other non contact moves anyway and they also dont happen against special moves. Against non contact moves KS is nothing more than a simple Protect with the dowside of not helping against status, another risk Aegi has to face quite often.
And while we are talking about EQ, since when is EQ an suboptimal move choice? Did i miss something? Its been one of the best and most common coverage moves for generations, long before Aegi came out as it is one of 3 ways to deal with steel types, given the limited access to physical fire typ moves basicly the only alternative are fighting type attacks that cant hurt Aegi anyway and dont matter against KS. For most of the things that use it, EQ is one of the best options they have, no matter if Aegi is present or not.
Dragonite gets walled by Heatran without EQ and with EQ Skarm walls him, a simple case of "pick your counter" here. For Mega Pinsir EQ is a way to deal with one of his best checks, Rotom-W while Close Combat does what? 5% more than Return against Skarm who still walls you to hell and back.
Medicham can opt to run fire punch which is basicly just for Aegi but again, thats something you have everywhere. Running a certain move to deal with a specific threat, there is actually a concept called "lures" that revolves around this. And its not like Medicham is forced to do that, he can just leave Aegi to teammates as it is usually done with counters/checks. Given that fire punch triggers KS i would even go as far as to say that running Fire Punch on Cham is suboptimal.