Keldeo was vastly overhyped but in the end it's a very inconsistent pokemon.
Not learning Ice Beam and having to rely on pathetic moves like Icy Wind and HP Ghost for coverage is its greatest fault.
The fact that it's completely and utterly useless outside of rain doesn't help either.
Finally, it's (literally) a one-trick pony. You see it on team preview, you exactly know how to deal with it.
Useless outside of rain? USELESS OUTSIDE OF RAIN?
I use this thing on a sandstorm team, and I can say; Rain is not necessary to help Keldeo achieve many 2HKOs and OHKOs. In fact, I love when the opponent uses rain, as I can turn the rain against them by killing most of their pokémon with Hydro Pump, even those that resist this move. The opponent cannot simply switch Tornadus-T on Keldeo, for example; if it comes at Hydro Pump, it's bye bye for the green big chicken.
It doesn't have to rely on Hidden Power Ghost; other Hidden Powers like Electric and Ice can also be used to great effect. I am currently using Hidden Power Electric and it does well in removing bulky Water-types from equation. Sure that this leaves you walled by Lati@s; that's where Tyranitar comes from to save the day with his Crunch/Pursuit.
Also, Icy Wind is unecessary, as even a resisted Hydro Pump is going to do nearly the same amount of damage as a super-effective Icy Wind anyway (and in rain, believe on me, it does more damage!). Instead, I use Surf, that while has the same coverage as Hydro Pump, is a consistent alternative to use at times where I cannot risk a miss.
It would be of much help if Keldeo learned moves like Ice Beam, like most Water-types do, but Keldeo is currently doing well his work without these moves.
I'm sorry if I am looking rude, but I have to say that you, Rayquaza_, are completely overlooking Keldeo's potential. Despite having a shitty movepool, Keldeo is capable of killing top-threats even when they resist it's moves, and that's even outside of rain. It's sheer power is what makes Keldeo powerful, as it shows that like Terrakion, most of time it will not need of coverage moves, as it's STABs are already going to do sufficient damage to the opponent. Sure that most of time your opponent unfortunately almost knows what you are going to do, but that doesn't impede Keldeo from being one of the most powerful things around; Keldeo almost doesn't have counters, so your opponent must rely on prediction if they want to survive a blow from the little pony.