Overview:
Simply put, Genesect is scary. It pretty much has everything it needs to destroy the opposing team, packing good stats (Base Stat Total=600) , moves, ability, and typing (Bug/Steel). The event Genesect has special move that break Genesect further. It's not uncounterable, but some might argue that it is darn close. In short, this this is a terror to fight and an invaluable ally.
Abilities:
Download: Boosts Genesect's Attack or Sp. Attack by one stage depending on which of the opponent's defensive stats is lower. No matter which boost you get (in almost every case), this makes Genesect even more of a nightmare to face.
Sets:
Special Scarfed
-U-Turn
-Bug Buzz
-Ice Beam
-Thunder/Flamethrower
Item: Life Orb
Ability: Download
Nature: Naive (+Speed, -Sp. Defense)/Hasty (+ Speed, -Defense)
EVs: 4 Attack, 252 Sp. Attack, 252 Speed
I list this non-event Genesect set partially because I can't say I'll get my hands on one with the two epic moves, so this set is for those of us that don't have Japanese games or know people who might be willing to part with one (not to say that no one could be generous). This is still a very powerful set, though. U-Turn gets Same-Type-Attack-Bonus and is great for scouting and still hitting quite hard. Bug Buzz also gets STAB but doesn't cause you to switch right away in case you want to stay in and slaughter. Ice Beam gets great coverage, especially in the Uber tier where Ice-weaknesses are not uncommon. The last move depends on if you have Kyogre or Groudon on your team. Kyogre's rain makes Thunder have perfect accuracy, while Groudon's sun boosts Flamethrower. In general, being paired with Kyogre is more valuable.
The nature choice is quite subtle, but either nature boosts Speed at the cost of a defensive stat. The EVs maximize Sp. Attack and Speed, while the leftover EVs go to Attack to boost U-Turn.
Other Options: Genesect has many good options available.
-A physically based Choice set (either Band or Scarf) can be destructive. Explosion and Iron Head are good moves for those sets.
-A Life Orb set is wonderful, as it boosts all of Genesect's attacks at the slight cost of HP every turn.
-An Expert Belt set can bluff a Choice set and get some surprise KOs.
-If you are one of the people who can get your hands on the event Genesect, Extremespeed and Shift Gear make for a very scary boosting set. As stated before, however, Hasty nature is your only option here, but thankfully, it's one of the two natures Genesect should have at all times.
-I could say that Techno Blast is an option, but since it basically learns moves that are much more powerful, it should not be used. Plus, an item that does more for you is always better if you can help it. Techno Blast is for novelty, not practicality.
Checks and Counters:
Um...I can't say anything effectively counters Genesect, especially since it can U-Turn out if you do find something. The best check would be something that is not weak to any of Genesect's moves and is very bulky. Defensive Ghost Arceus is about one of the few that does this, as well as Dialga and Steel Arceus. If Genesect is not running a Choice Scarf, faster things like Mewtwo have a shot at KOing Genesect. Entry hazards (excluding Toxic Spikes) also make it more difficult for Genesect to keep U-Turning out all the time. Finally, maybe you can get in a faster, sun-boosted, STAB Fire-type move, as that is Genesect's big weakness. Other than that, trying to take out Genesect is incredibly difficult.
Note: For anyone participating in the next Wi-Fi tournament, be prepared to face this thing. I'm going to guess that it will be fairly prevalent.