I'd like to agree with you, pif, but I think that you're forgetting something.
Victini's Bolt Strike is actually a safe move to spam now, OHKOing faster threats except for Raikou and 2HKOing Slowbro and Snorlax, though with a 7% chance to miss. Additionally, its natural bulk makes it hard to take out, Raikou needing two layers of Spikes to get a guaranteed 2HKO.
What I fear more is that, without SR, team 2 will be hard pressed to beating Zapdos if it's not played too recklessly, since it stops Mienshao from spamming HJK's and its Stone Edge doesn't KO without SR. Additionally, Snorlax would really like to have Lefties this time, since Nidoqueen and Zapdos can really harm it, even if it threatens every single one of team 1's Pokemon with STAB Return (again, though, it can't OHKO Zapdos).
Team 2 can still win, though, provided it pressures Nidoqueen with Froslass to stop her from setting up easily, and if it can force Victini out to lower its health for it to be on Stone Edge's KO range. Victini's Bolt Strike is still the most threatening move, since not even Raikou can switch in with ease, and it can't set up on it without being too hard pressed. And it's pretty obvious that Raikou is team 2's best win condition, so as long as it doesn't get a free switch in on Zapdos or Roserade, team 1 will have the upper hand. My god, Bolt Strike surely is too powerful on Victini, nothing's safe against it. And nothing except Snorlax can OHKO it back, I fear.
So, basically, if Victini is allowed to spam Bolt Strike, team 1 will be the winner. However, if Mienshao is well played, it can force it out to Zapdos and give Raikou a turn to set up for free. Froslass will actually be important here, to set up Spikes and force Nidoqueen out. Still, though, a healthy Victini won't need to fear much, since it can break Raikou's Subs without lowering its Defenses and take a +1 Thunderbolt with ease, allowing Raikou to be revenged. If the players are equally good, team 2 will really struggle to win here.