It'll definitely be the best Bug with a x4 weakness to Rock. Because of that, however, I can't see it getting too far.
It's got a really nice dual STAB, though; an almost-perfect Dual STAB, actually! STAB Bug Buzz and STAB Heat Wave looks like it could be hard to top.
On a statistic scale, it has the second-highest stat total of all Bugs (Genosect has the best)! And judging by the stat spread, it's going to be a Speedy Special Sweeper / Tank.
In terms of extra moves, it has Solarbeam, Hurricane, Psychic, U-Turn, Butterfly Dance, Wild Charge, and Poison Jab. Not too shabby!
In a nutshell, think of a Fire-based Masquerain with 20 more stat points in the Special stats, HP, and Speed. It stands out, and is going to be very strong in UU/BL.