MBAA Nero is skimpy because it's almost exactly the same as MBAC Nero. Half Moon just has a dash 2A and bee instead of EX deer, and full moon has starmine crows.
The gator is what happens when you take EX Snake and make it go as slow as B snake. Then make it not actually have full screen range and not really launch like EX Snake did.
There's no way they're exactly the same as old Nero; 5B and 5C are completely different, as is 2C, and I haven't even SEEN EX Deer (or Deer at all!) used even once. Seems nobody uses anything but F-Nero, and I've only seen them use EX Crows, EX Mud, and (oddly enough) some special that I swear was the bees. I haven't seen the Phantasm even once (does he still have that?), and nobody ever uses his Arc Drive (though I don't figure that's changed).
One more thing about characters in general; did all the Last Arcs get immensely powered down?
http://www.youtube.com/watch?v=B0_5K0KtCCs#t=2m30s
It only does ~2500 damage.
5B has less range, 5C is usable as a poke like 4C, 3C is useless as anything but a launcher, 2C goes forward instead of up, and ex creepers are pretty much the same thing as deers for pressure. As far as normals go, his 5B got worse so now you have to be sure you'll hit with it, 5C is usable but it's not really better than 4C as a poke so it's not anything significant, 2C isn't as good for AA but is actually a ground to ground poke now, and 4C is exactly the same. 5A/2A are just Melty 5A/2A. He has "different" moves but they all do 4C's job worse than 4C except for 5B, which just got worse. Bee swarm is the same thing as his claw super right down to the command except it actually comes out all the time and doesn't leave you with -frames on block, and it doesn't wallslam. 214 is exactly the same except with antlions instead of snakes, except only 214B because 214A doesn't chew on them so it's worse than A snake, and 214C is the gator and it's garbage.
And last arc damage is now based on what move you shielded, at least for full moon, since no one has seen enough crescent LAs. Shielding 5A/2A does 2-3k, some specials and 5B/2B does around 4k, and other high damage specials or 5C/2C does around 5-6k. Then there's certain really strong attacks that you can catch in an ex shield that do more. I caught a Kohaku+Mhisui team vagina bomb with Neco Arc's ex shield and the last arc did 13000 damage. Except the computer takes more damage because of difficulty settings and since it was a non playable character the vagina bomb has really weird properties and the character might also have low defense.