I've been doing some thinking and I'm not entirely certain but wouldnt held items be better on a lot of pokemon rather than going mega?  

Like Blaziken and Lucario for example.  Wouldnt it be better for them to just hold something like life orb over going mega?  Or am I wrong?  

Going mega gives Lucario an useful ability (his other abilities are just meh) on top of the stat boosts, so I think mega is the best option in this case.

Not sure about Blaziken, he can have speed boost without it.

Since you mentioned Life Orb, it was broken last gen when paired with Sheer Force, because Sheer Force cancelled the recoil damage of Life Orb. Not sure if it still works.

But tbone or Lestat should know better.

It all depends, wants on your team that matters. Yes Life orb would certainly not waste a mega space on your team (so you can have somebody else instead) but Mega Lucario Steel+Fighting moves hit twice as hard! Moves Like Aura Sphere base power is 90 but used by Mega Lucario would be 180 instead of Lucario's 135!

Seems complicated I kno lol! I can explain it tomorrow if u like! While trading or battling. I might have some good extra pokemon if you want as well (4 perfect IV's!) Im off to sleep now, my bad lol

I don't think many specific Pokemon would be better off with a regular held item than their Mega Stone -- most* Pokemon that can Mega Evolve are improved significantly enough by doing so. This only becomes a problem for trainers who want to be "prepared" and have multiple possible Mega Evolutions on their team at any given time. Then there's a trade-off: certainly, you have a bit more flexibility, but that comes at the cost of getting the most out of one of your Pokemon.

But as you can only use one Mega per battle, I wouldn't worry too much about specific Pokemon. Give that Life Orb to someone else or pick a different 'mon to Mega if you really want Lucario to hold it.

*Biggest exception: Pinsir. Flying type?! WTF?? How is that better???

Yeah im debating on what i want to do right now on the 3v3 battles.  I could use mega-lucario, choice scarf Tyranitar, and Sand Sush Excadrill but that seems like a bad group to me since they all share a common weakness.  I could drop lucario for dragonite but i really like lucario and his ability to be a sweeper.  Then again i like dragonites defensive side as well plus him being a great partner to Tyranitar, ugh -_-