I really don't know why you're all arguing that lugias bulk is a bad thing. Last time I checked, surviving hits is what a wall is supposed to do. If the metagame is too powerful, to handle ATM, we obviously need more walls. To me, this seems like a much better solution than banning everything remotely threatening.
Lugia won't run max speed IMO. Look at latias, her wall sets usually run 307 speed (admittedly, this could change though.) I really think we should test him.
Brace yourselves for this one:
Ho-oh in OU.
Yeah, I'm completely serious. I've thought for the longest time that ho-oh should be tested. Put down your molotovs and hear me out, okay?
Fire/flying typing.
When was the last time you saw an ulgamoth? A moltres? Charizard? Ho-oh in ubers? Stealth rock is still abundant, and rapid spinners are commonly eschewed for pokes with no (quad) rock weakness. Rain is everywhere and everything has stone edge. sure, Ho-oh is powerful, but there's every chance it will fall into BL if brought down.
130/110/90 offensive stats
Really nothing special anymore. Hihidaruma has 140/95 attack and speed, and his encourage flare blitz is far stronger than anything ho-oh can muster. There are lots of pokemon with better offensive stats (salamence, archeos, kyurem, azelf....) You can't say that ho-oh is too powerful for OU with hihi running around. He's not rayquaza.
106/90/154 defensive stats
90 defense and a quad weakness to rock really isn't doing ho-oh any favors. Sure, the special defense is high, but he's not impenetrable. Just ask regice. 106 hp is almost always going to be uninvested, so you get 353 hp. That's not amazingly high, and with 90 base defense the only rock type attack that's not giving you trouble is power gem. If we can handle sand veil garchomp this gen, surely we can handle ho-oh?
Relatively slow, lack of priority, weakness to passive damage.
How can ho-oh wall stuff with recover if it's slower than half the metagame? How can it survive hits with only 50% of it's max health? As I said before, the SR weak is too big to ignore.
We let mew down. No trouble. Kyurem is OU, with arguably better stats and typing. No trouble. How is ho-oh any different? You can jump up and down and point at his uber tag and BST, but special defense aside, he's really nothing special for an uber.
Oh, and I'm not going to mention regeneration, because someone will tell me I'm making up imaginary pokemon.