Milotic

Milotic has a good Water Type moveset and is a passable attacker, but it's far from budget for most players and very outclassed due to its staying still while the meta moves forward. Milotic just doesn't have the offensive presence needed to shine.

On defense, Milotic surpasses now-lesser Water Types like Vaporeon completely, offering the advantage of Dragon Tail and Blizzard to punish Dragon and Grass-type counters as well as Waterfall and Surf to punish neutral threats more. It may be more reasonable to compare Milotic to the Slowdudes, which she also surpasses, not having the liability of a Psychic sub-typing weak to powerful Ghost or Dark Types.

Best PvE Offensive Moveset

• Waterfall paired with Surf makes Milotic’s most useful attacking set, with a performance that slightly trails Vaporeon.

• Dragon Tail should be paired with Blizzard if you’re desperate for a Dragon-type counter.

• Hyper Beam has no purpose on an offensive MIlotic.  

Best PvE Defensive Moveset

• Dragon Tail edges out Waterfall because it is not resisted by Grass, although Waterfall is better against Electric-types.

• Blizzard is on par with Surf; the former offers better counter coverage, the latter better damage against neutral threats while coming out more frequently.

• Hyper Beam is too slow to rate.

Dragon Tail is a fairly good move in PvP, with decent energy gains and a narrowly resisted offensive type. Waterfall could be chosen for strong STAB damage, but its slow energy gains makes it harder to use charge moves. 

Surf is a solid Water-type attack, sporting good power, low energy cost, and STAB. It will generally be Milotic's main attack, with the very slow Blizzard or Hyper Beam standing as backups. The former mainly threatens Grass and Dragon, while the latter offers neutral coverage on Water- and Ice-types.