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The lack of multiscale and leftovers might hurt her overall bulk, but she still has excellent recovery options in recover and roost. Her typing is also superior, eliminating the stealth rocks weakness as well as giving her several key resistances.
Most importantly, her lovely base 140 special attack - 50 more than what Lugia has to play with - will allow her to hit hard, 2HKOing a huge chunk of the meta while retaining bulk and speed.
At any rate, M-Latias will surely be a suspect for Ubers long before her deadbeat brother. Regardless of where she ends up in Smogon's tiers, we can hopefully look forward to seeing Mega Latias all over the VGC scene in a year or two.