In this article, we will discuss which of the alternate forms of Pokemon, regional forms or Mega Evolutions, are better for the franchise.

Mega Evolutions are returning in Pokemon Legends Z-A, apparently at the cost of regional forms. But is the exchange worth it? After all, Mega Evolutions require certain conditions to reach that form. On the other hand, despite being classified as the same species, in essence, regional variants tend to become unique Pokemon in their own right.
Regional Forms of Pokemon Tend To Be Permanent Compared to Mega Evolutions

One of the things that makes regional forms unique is the fact that they are only aesthetically related to the original Pokemon. As they are basically new creatures, they can be part of any mainline game. In the case of Mega Evolutions, their dependence on Mega Stones (except for Mega Rayquaza) means any gains the base form of the Pokemon receives are only available if the Mega Evolution is available.
We saw this in action for the first time in Pokemon Sword and Shield, where Mega Stones were removed from the game entirely. So Pokemon like Mawile, Metagross, and Lucario, who had been dominant competitively, fell off a cliff without their Megas. This is in sharp contrast to regional forms like Alolan Ninetales or Galarian Weezing. These Pokemon get to keep their new typings, abilities, and stats even beyond their original game. So they have held on to their competitive edge.
Regional Forms Can Hold Other Items

Regional variants of Pokemon have to option of switching up their item of choice. For instance, Alolan Ninetales could hold a Light Clay to extend the duration of its Aurora Veil or a Choice Specs to ensure its Blizzards hit harder. Similarly, Galarian Slowbro can use the Heavy Duty Boots to avoid hazards while switching or could wear a Rocky Helmet to discourage physical attackers.
Mega Evolutions, with one notable exception so far, do not have this luxury. As they need their Mega Stone to evolve in battle, they cannot hold other items. While there are some advantages, like having no worry about losing their item to Knock Off, the strategy surrounding these mons becomes a bit predictable. Even Pokemon that have multiple Mega forms, like Charizard or Mewtwo, lose the element of surprise when they Mega Evolve.
Of course, the Legendary in the room needs to be addressed, i.e., Mega Rayquaza. The Box Art Legendary of Pokemon Emerald could Mega Evolve as long as it had the move Dragon Ascent on its moveset, letting it hold any item available. The result was a Pokemon so broken that it was banned from competitive play in Singles and dominated the VGC meta. So the only Mega Evolution without a Mega Stone ended up being so overpowered it warped the meta around it.

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