Finally, Gamefreak did a butterfly/moth Pokemon right! While other Pokemon based on butterflies and moths are wimpy (Beautifly, Mothim and Dustox) or at best somewhat usable (Butterfree, Venomoth), THIS one is a monster. I mean, it takes its name from volcano and corona (the "atmosphere" of the sun), has a typing unique to its line, has some INSANELY high stats, and has a movepool that works perfectly with it. It also resists the most common priority moves (Bullet Punch and Mach Punch). Really, this Pokemon's danger level rivals that of Mothra, and every player in OU should be prepared to take it on.
Recommended tiers: OU-Uber
Flame Body gives Volcarona a 30% chance of burning a foe that makes contact with it. This is a pretty gimmicky ability, but its the only one legal as of now.
Swarm multiplies the power of Volcarona's Bug-type moves by 1.5 when its HP falls below 1/3 of maximum. This further increases Volcarona's already incredible destructive power, and it will likely become the standard once its released.
As I said before, Volcarona's movepool fits perfectly with its stats. Its most dangerous move is, without question, Quiver Dance. This move was no doubt MADE for Volcarona. It increases Volcarona's Sp. Attack, Sp. Defense, and Speed by one level, and these are all its best stats! Not only does Quiver Dance make it a threatening sweeper, but it also makes it very difficult to KO with special attacks. After just one Quiver Dance, a Timid Volcarona with max Speed and Sp. Attack can reach over 550 Sp. Attack, 492 Speed, and 369 Sp. Defense! That is just terrifying. Volcarona also has a very powerful move exclusive to it: Fiery Dance. While it is weaker than Flamethrower at just base 80 power, this move has a whopping 50% chance of raising Volcarona's Sp. Attack one level! It also has Bug Buzz to turn to for STAB. Hurricane is unreliable, but an option if, for some reason, you want to use Volcarona on a rain team. Psychic is another special filler option. Lastly, it has Hidden Power. Ground or Water is preferable, since Fire types (especially Heatran) resist Volcarona's STAB. Will-O-Wisp is decent for bulky Volcarona, as is Morning Sun. Oddly, it gets Magnet Rise, but since its not weak to Ground, that move is better off unused. This may not look like a lot, but it's all Volcarona need to rain destruction on your opponent.
Double and Triple options: Volcarona's Heat Wave is only second in Chandelure in terms of power. It also has Rage Powder to redirect attacks. Beware of Rock Slide and Surf, however.
Countering Volcarona: Stealth Rock. Stealth Rock murders Volcarona, cutting off half of its HP every time it switches in. Spikes and Toxic Spikes are also effective, though not as much as Stealth Rock. Volcarona has low physical Defense, so physical attacks, especially Extremespeed, can be used. Heatran is a solid switch-in to Volcarona; its highly resistant to Bug and immune to Fire. Just watch out for Hidden Power. Revenge killing Volcarona can be done, though it is difficult once it sets up. Your Pokemon needs at least 493 Speed to outrun a Timid Volcarona with one Quiver Dance up! Blissey can sponge Volcarona's power and cripple it with Thunder Wave, but she can also be used as set-up fodder for Quiver Dance. Jellicent can also work, but it will probably need Toxic to help with Sp. Defense raises from Quiver Dance.