I love this ability. It allows for unique and never seen before gameplay options. Depth of consequens thinking will be increased, in order to avoid this ability losing you the game, or getting the maximum value out of this card. Having to bench a 30 HP Feebas and wait a turn in order to get acces to the ability, allows for preventative counterplay by the opponent.
HOWEVER, the attack sucks. It does so little amount of damage that you can´t even use milotic to hit for weakness, and it can´t even take out Sableye. Asleep is just a more luck based and annoying verison of paralysation. It allows none to 0 options to attack with.
The card also has 0 bulk. It can´t even survive a Sableye. The concept of Sableye should not allow the user to OHKO supporting Pokémon, especially not Milotic.
Both the attack and bulk are very inaccurate representation of how Milotic functions in the video games and VGC. Milotic is more or less a bulky Pokémon that can deal a moderate amount of damage. But the value in it´s attack are strong secondary effects. (Like Scald.)
The card isn´t adjusted for the power creep we have seen every year since 2019.
Will the card see play? Probably at some point, maybe with Iron Hands, but in a very 1 dimensional way with the Ability when the card should be able to do more in my opinion. Here are 2 examples of how I would have designed the card:
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This card would allow you to utilise the attack with weakness against Radiant Charizard and Delphox V. Ad a damage modifier, and you can OHKO Entei V and the upcoming Armarouge ex. The effect text would be matchup dependent, but strong. It would be super strong against ~20% of the metagame and usefull against another ~40% and bad against ~40% of the metagame. Instead of being just Super Strong against ~20% of the metagame and bad against ~80% of the metagame. Which is the stats for the real Milotic.
This card would be a strong consideratin for Lost box, miraidon and Lost Goodra and a interesting tech for Baxcalibur, Meowscarada, palkia, arceus and Lost zard.
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This would take up less of a role as tech card and more as a strategy inclusion. (example being Keldeo EX and Sableye in 2013 Darkrai, Medicham in Rapid strike or Tyranitar V in Single strike Lugia.
This card would be a strong card in more tanky decks with a damage cap. It would have a more defined role in the game and be more consistently played.
Decks that could like to use it would be Arceus, Gardevoir, Charizard ex, goodra and Lugia.
To get back to the point from the begining. The Miltic we are getting has a really cool Ability but the card is 1 dimensional, when it could be a way more interesting card that is adjusted to power creep and functions more like how Milotic functions in the games.