As far as the gripes about Ragna go....doesn't he get most of his meter from Belial Edge anyway? On top of that, if you know how to block his RC'd mixups (depends on the player, but yes, it can be done), doesn't that mean he's bone'd?
I don't know, I mean...most matchups I've done with Ragna against good players there's always something Ragna has trouble dealing with. Either Jin's j.B or Tager's 5A or DP Bait, or in Arakune's case, 6D.
I mean, the main problem I see with Ragna is that he's offense oriented. He has nothing going for him defensively short of Counter Assault or Burst which are practically useless in certain situations for him (or at least I haven't seen anyone use Gold Burst in combos concerning Ragna properly).
Once he goes Blood Kain, if you have a Burst in stock you can ruin his day, heck, if you have 50 Meter and Counter Assault his Blood Kain you could still ruin his day. And knowing how to IB his D moves keeps him from getting HP back on top of that. About all you have to worry about then are him taking off Guard Primers, and most of the methods I've seen for taking Guard Primer involve scare tactics that aren't entirely safe for Ragna.
Just what I've seen anyway. Not saying he isn't strong but...he's got a lot of glaring weaknesses too.