I've been testing Dragonite extensively on PO using pretty much every set (or a close derivative of) that has been listed on this thread. I like to share my thoughts and hear everyone's opinions/insights on my experiences with each set:
1. As a Lead
So the lead set is my favorite by far. Currently, I'm running calm 252 Atk/252 SpA EV Spread with E-Speed, Draco Meteor, Outrage, and Flamethrower.
This set screws up a lot of guys coming in. I use Outrage over earthquake since I feel earthquake is rather situational (really only for Heatran and most of those have balloon now). With Outrage, even after people expect the worst to be over after your Draco Meteor + Espeed combo, you can continue pounding them. If they are not prepared, it will do considerable damage if not outright faint another poke before Dnite is taken down. Flamethrower over Fire blast since as a lead, accuracy is of the utmost importance. You don't want Foretress setting up another layer of spikes due to a miss and the power difference is negligible where it counts (hitting 4x weak steels).
Now, there are two major issues I'm experiencing with this. First, even after destroying the opponents lead, you don't gain any momentum; Dnite will have to switch out due to the stat drop from Draco Meteor (probably the most used first move). Most likely, it will have -2 SpA and lets face it Earthquake + espeed doesn't really harm anything worthwhile that would switch in immediately after the lead. In my experience, -2 SpA Fire Blast doesn't even do half to a specially defensive Nattorei (same for EQ). Alternatively, a good opponent will know a Draco Meteor is coming and switch to a steel. Again, you have weakened yourself to the point where you can't really do anything to it and thus must switch out. Granted, this set is also useful as a late game cleaner-upper, but compared to say a Machamp lead, it can't provide much power after the first 2 turns.
Moreover, there are two pokemon in particular that just make me so ANGRY: Politoed and Hippowdon. Hippo is the same annoying lead from Gen 4 that this guy can't take down. They'll slack off on the first Draco Meteor and then proceed to set up rocks after you can't do anything to them. Balanced or defensive toeds can live the Draco Meteor + Espeed combo and then subsequently KO back with 2 ice beams. Since I can't really sacrifice any EVs to put into speed, it will usually outspeed. After trying many different things against these two, I've come to the point where I stick a dragon jewel on Dnite just so the first Draco Meteor will put both these guys into Espeed killable range (LO is also a possibility although your are guaranteeing yourself the lack of multiscale). Of course then you forgo leftovers recovery and use of multiscale in sandstorm, but this Dnite is not supposed to live that long anyway.
2. Paralysis Spreader
So the basic bulky paralysis Phazer consists of a Defensive EV Spread with Dragon Tail, Thunder wave, Attacking move/substitute, and Roost.
I've tried the paralysis spreader set on some gimmicky teams and generally it works well enough if your opponent is unprepared. Especially interest matchups are against opponent anti-leads. Thunder Wave on the first turn, then roost and activate multiscale again and again until parahax hits and proceed to dragon tail, living the ice beam that hits before you do so. Since the chance of a freeze is 10% and the chance of parahax is 25%, the odds are on your side.
The only thing I want to point out is that I usually prefer Roar over Dragon Tail (What? Dnite learns that??!!). Especially now with Inconsistent users everywhere, I believe having a 100% accurate (initially anyway) Phazing move that can hit through subs is more important than the rather pitiful damage.
3. Rain Sweeper
Modest 252 SpA/252 Speed with Hurricane, Thunder, Draco Meteor/Dragon Pulse, and Agility.
This thing has won me a few games simply by just punching huge holes in the opponent team. I think a Dragon move should definitely be on this set (over say Surf) simply because it acts as a dragon slayer (Kingdra in particular) if multi-scale is intact.
Sometimes though I feel this thing doesn't have enough power. I've recently begun testing the specs set that Jaroda listed. It's done great if nothing because of the crippling status that Thunder and Hurricane can cause. However, more testing is needed.
4. Dragon Dancer
The bread and butter of Dnite; BulkyDD is where this guy is supposed to shine. I've been using the Standard set (can't remember specific EVs at the moment) with DClaw, EQ, DD, and Roost. I must say, I've been underwhelmed at the results. Even With +1 head start (DD on the switch), this guy can't 2HKO defensive bulky waters like Suicune or Vappy who can then Ice Beam you to death. Just the other day, I DDed on a switch to Zuruzukin who then proceeded to force me out by bulking up while I could do nothing but DD again since Dragon Claw and even Outrage didn't do anything. In the long run, he had the advantage since DD doesn't boosts defense. Thus, in general, this set just doesn't hit hard enough.
Instead, I've recently starting playing this guy like DD Gyrardos or DD Salamence: Max Attack and Speed. It's not outclassed due to the guaranteed 1 DD with multiscale and perhaps 2 if your opponent switched. Instead of Roost, I go all out attack with DClaw/Outrage, EQ, and Fire Punch. I personally believe this has worked better as a late game sweeper than the bulky version.
Sorry for this huge wall of tests; just wanted to share my thoughts after playing with nothing but Dnite teams over the last 4 weeks.