As i've said before, Stealth Rock stands to be nerfed even further before it could ever be considered balanced. One move should never have the damage output of a Super Fang for the simple act of switching in, and it should be avoidable like Spikes is.
In Gen 4 it was ridiculous and if ever was something overcentralising the game, it was Stealth Rock, and it should have been fucking banned - every lead basically was meant to use, stop, stop and use, or avoid the effects of, Stealth Rock, and its counters were absolutely pathetic or easily managed. The fact a single move got more references than other OU pokemon in most analyses is retarded. How anybody can defend it back then after seeing a metagame where it doesn't influence every single match, is beyond me. It was broken, boring and just generally unhealthy.
Nowadays, you actually can deal with it. Magic Coat and Magic Bounce punish the use of Stealth Rock, Priority Taunt means you can use something other than Azelf or Aerodactyl, it's less distributed, there's more Magic Guard, and Rapid Spin whilst still one of the worst moves ever, has a few more users, some of which have the boosted Sturdy to assure hazard removal. Team Preview removes the promise of the same SR-based leads in every game, too. If SR causes a problem, you now have an answer that doesn't drastically alter your team.
It's a shit move, but in Gen 5, it's in its rightful place as just another popular strategy.