[Shurtugal]

Keldeo can also mange bulky waters with SS, unless its name are Tentacruel and Starmie. Magnezone is not that great this metagame either and even so its a great liablity to use imo outside of 4Drag2Mag (or 2Drag1Mag).

Keldeo can run ThundyT to set up on bulky waters too so the point with Magnezone is also moot imo.

The appeal of Rain Dance is that if you using Keldeo in weatherless (where sun is a major issue), you can run Rain Dance to check sun as well as maintain the bluffing this set offers and the fighting STAB that Kingdra just doesn't offer. Kingdra is a different set all together, it doesn't posses fighting STAB and it isn't hitting the same things Keldeo is hitting so I can't even see the comparison outside of abusing Swift Swim, and even then its LO and Draco Meteor force it out, constantly taking LO and hazard damages wears it out pretty fast. It depends on what you want to hit and Keldeo does a fine job of checking sun better with Rain Dance than any other Keldeo set. I feel it warrants AC at best.

EDIT:

@Lord of Bays:

Thank you, my point exactly ^-^