Well Now I can use Feraligatr in OU. Huzzah!
I still think Gyarados will overshadow Gator for two reasons: Earthquake Spiral and Intimidate.
Intimidate) It doesn't matter as much now in this apparently now Hyper-offense metagame, With all the base 140+ this-or-that attacking stat and all, but it might help an offensive dancer. However, Earthquake Spiral is definitely now going to be the preferred choiced.
EarthquakeSpiral) A Choice Band boost after each KO? Yes Please! After two KOs, it has the equivalent of a SD boost under its belt and can sweep just about everything on the opposite team, bar the diehard Physical wall (which may or may not be common in the early metagame.)
I rest my case. Though Agreeing with the poster above, ES will still be competing with Intimidate a good part of the time so it can set up on Pokemon.
On a parting note, I think a good few players will opt for ES over Intimidate.