Man, I love Chandelar. Definiatly going on my White team.
I don't battle competitively, but Shadow Tag Chandelar (at least) has a chance at getting banned. I don't really know though, Shadow Tag's origional purpose was to wall, but Chandelar seems to be more of the "everything must die" type. Besides, you don't see Area Trap banned, do ya? Okay, Flying-types and Levitate, but still. If anything, Chandelar will just be a force to be reckoned with in OU, like Scizor, for an example.
In Doubles and Triples, attacking a Flash Fire Chandelar with Nitro Charge (which is thankfully a TM) like Frostwind said could be a decent strategey. I can see that becoming a sweep easily.