So you'r Feraligatr's for VGC, huh? Then we'll be ditching one move for Protect, unless you want a Choice Band set, which isn't very good on him. Here's the gator's most common moveset.
Croczilla (Feraligatr)@ Life Orb
Adamant | Sheer Force
252 Atk / 252 HP / 4 Def
- Ice Punch
- Crunch / Rock Slide / Earthquake / Superpower
Protect guards against spread moves and the infamous double-target, and is a staple in VGC doubles. The final moveset depends on your playstyle and what your team needs.
But your question was, is Feraligatr worth it?
Feraligatr faces stiff compertition from other physically offensive Water-types and Life Orb sweepers.
Azumarill gets Belly Drum and Fairy coverage, plus it has a nice Choice Band or Assault Vest set.
Gyarados, while seeing less usage, pulls off physical offense better with Dragon Dance.
Feraligatr's usually better than this guy, but he still packs a heckuva punch in Trick Room with Adaptability Knock Off, the strongest in the game.
So, is Feraligatr worth it?
I think that he's hard to slap on a team, since his niches are usually filled by others easier. However, he's not obsolete and can be a complete bulldozer with the right team support.