Right, so, let's adress these points:
What you seem to be forgetting (unless i missed something) is that it leaves you with -2 special attack. Yes you can use heartswap, however thats another highly competed moveslot gone.
I voted dk. I agree with much of his above reasoning, especially concerning counter coat and that icebeam isnt needed.
My Answer:
Odds are they're switching to a counter, and when that happens, especially if it's Krill's first time out, you can BET it's a Water or Electric Resist. Krill will also probobly have to switch out afterwards, making the Sp.Attack drop moot.
Guys, if you really think that unSTABbed Draco Meteor is that good, can someone explain me why it isn't used AT ALL on Jirachi? He has better SpA than Krilowatt, worse STAB (so it would have even more reason to fire off neutral Draco Meteors, not having wide neutral STABs like Water or Electric), yet Draco Meteor Jirachi is almost non-existant. If it were the "omg almost broken" move you claim, I guess Jirachi would use it sometimes.
My Answer?
Jirachi simply has better things to be doing. Jirachi has 4MMS like mad. Krillowatt will too, yes, but as it's designed to counter, that's going to be limited somewhat, Krill will usually have 2 moveslots free after whatever it's using to counter. Jirachi already has to choose between Calm Mind, Iron Head abuse, U-Turn + Wish, Thunder Wave, Body Slam, Zen Headbutt [More abuse].
Draco Meteor simply dosen't FIT with any of Jirachi's sets. Physical sets will not get enough punch, and it's counter-productive to the Calm Mind sets.
This is off the assumption that with 84 attacking stats, even with a possible free life orb, Krilowatt is going to be just blindly firing off damage.
My Reply?
Please, enlighten me how a pokemon designed to counter is NOT going to be blindly firing off damage? It's not an assumption. When something is in danger, it switches. FACT. When something switches, the attack used is 'Blind Fired'. FACT. No assumptions there.
Ie: Infernape [Random Example] is in. Krillowatt comes in. There's no way that monkey is going to be staying in against Krillowatt, so it switches out. You have no clue what's coming in, barring prior scouting [Although, an educated guess is a Water Resist]. You can probobly wager it'll check Krillowatt too.
In a way, my severe opposition to Draco Meteor is akin to DK's opposition to Ice Beam. With both moves, the standard Krill set will be:
Krillowatt @ Life Orb
Modest/Naive Nature
252 Sp.attack/252 Speed/4 [Either DEF]
Magic Guard
Thunderbolt
Surf
Ice Beam
Draco Meteor
Deck Knight denys Ice Beam, but I feel Krill needs that. I feel Draco Meteor is uneeded, unjustifyed, 'switch-in-spammable', dosen't fit the concept [Counters nothing but Kingdra, whom the weaker Dragon moves can handle], and has no drawback as Krill would have to switch out ANYWAY because a counter's just switched in.
By extension, I'm 100% against Jikabu's moveset [Although it's GOOD, I don't AGREE with it], 50% with Deck Knight [Ice Beam is needed, IMO], and 95% [Vaccum Wave is not something I wanted to see, but it's only minor] with Admiral.
Edit @ Flareblitz: [Because I don't want to threadhog]
My opposition is not because it counters things. My opposition is because it's a move that's easy, and reliable, to 'spam' on switch-ins. Blissey shrugs off any Special Attack. Celebi takes Surf and Thunderbolt even better, and forces Krill out even if it had Ice Beam at full power anyway. The point is, Krill won't be countering anything extra, which makes it pointless, it's sole reason to be on the movepool is for it to be spammed as a counter comes in, deal a decent amount of damage to anything that isn't Blissey, Snorlax, or a Steel-type, and then the drawback made redunant because Krillowatt would switch out from whatever comes in ANYWAY. I do not vision a pokemon which causes whatever's in the flee, fires off a DM, and then switches out, fufilling the concept.
My previous post explains it's usefulness, it's Krillowatt's best 'Blind Fire' move, with a SE/NVE ratio equal to Surf, but no x4 Resists, No immunities, and a lot of the SE hits are things that may switch into Krillowatt, because Dragon just so happens to resist the STAB options, unlike Surf, which hits things that would usually switch out.