Correct me if I'm wrong, but generally anything powerful enough already that picks up +2 to both an attacking stat and +2 Speed becomes ridiculous. As a matter of fact, that Blissey can still stop it makes it less reliable as a Baton Pass recipient than other things like Metagross or Lucario.
My current stance on Krilowatt's success story is pretty simple:
- Get rid of Magic Guard
- Give Krilowatt Recover
Without the immunity to passive damage and with it being forced to use Trace as its only ability (Or some other secondary ability - I still think Intimidate might be reasonable for beating other things that Trace doesn't help with), it will be fair to put Recover on it. Once it gets Recover, it becomes something that can come in against threats that might want to attack it, heal the damage if they switch out, and keep countering its targets over the entire match. Right now, one of Krilowatt's biggest problem is once things punch it into the 60% region. Once there, Gyarados, Salamence, and other things no longer fear it as their +0 EQ or whatever puts Krilowatt down for good.
The other nice thing about getting rid of Magic Guard is that it puts LO Krilowatt down. With 10% recoils taking its toll, LO becomes a much less attractive option and Leftovers will pick up, bringing Krilowatt back in line with the "defensive utility counter" that it's supposed to be. Make note that even without LO, you can achieve the major OHKOs on things like Lucario, Salamence, Gyarados, and the other big names.
That's how I feel at current, though. Everything else seems OK about its movepool and stat distribution. It's close to being an exemplar case study in defensive utility countering, it just needs a few tweaks to really nail it.