MoS is my main and has been since just before they patched in the tic damage, and as has been said, you can definitely take rounds. Though the combos are tight, you can get +50% in the corner with one bar if the opponent is taking tic damage. That's sort of useless though if you can't get yourself into that position. In the last couple of weeks, I've been winning a lot more due to certain things I've made sure to do (feel free to poke holes in my tech/theories):
I end most of my combos with forward trap because while it's less damage, it's much safer. With the amount of plus options Raiden has, getting off a second ball to activate trap is pretty easy.
Whenever I can f2, I do it; it pushes forward, it's +2, it's cancelable, it's continuable. If it's blocked, a down 3 is basically safe if timed correctly, and on hit, I usually follow up with another f2. Staggering f2, d3, f22+4 (also plus), different low frame attack, f2, etc is good for keeping up pressure, but also risky as there are several ways out of hits, and it's easy to get punished on a poorly timed d3. If you connect an f2, b34 will connect if timed correctly; with some conditioning to expect on overhead on stand, it's also been giving me some damage/corner pushes.
Another advantage of f2 is it eliminates the option of jumping forward to close in at anything bigger than half screen. For example, if the opponent jumps a lightning ball, you can usually connect f2, f22+4,f12b2, etc for an average of 30%. It took me some time to get on reflex, but I'm doing it much more consistently without drops. And again, ending combos with safe static trap rather than going for damage goes a long way.
Another almost cool technique I've been trying works for pressuring your opponent into making bad choices; basically, once you get a trap going (you can just ex trap), immediately throw a trap forward, run, throw forward trap. It's annoying to get the timing for, but you basically eliminate the option of moving forward. The opponent may try to low poke, but that's just asking to get NJPed (38% one meter for me), and even the opponent manages to block the NJP and the trap, you're in the position to start the plus frame game. Also throwing a trap right onto another trap can be sort of deceptive if done while full trap is going because it looks like inactive trap.
The last and maybe most effective thing I've been doing to overcome MoS's short comings is mastering my corner game. Connecting any hit in the corner is a huge advantage because 1: you /can/ get 30% on almost any hit and/but 2: as long as the connected attack can be canceled, you can throw trap, and if they don't tech roll, you can throw a second trap forcing them to block or accept the full corner punch over a couple of hits, which means another 30% (they can try to low profile, but again, if you read, it's a free NJP punish for 30-40%). Basically, once you get used to it, you can do whatever you want in the corner as far as combining attacks, and as long as you stagger when you throw trap, it'll be hard for them to guess when to try and escape.
Some of my corner stuff; f12b2, f12b2, f12b2EXdf2, f12b2df4; b2,f2, b2, f12b2, df2; 34, f2, f2, f12b2EXdb3, b111+3, trap;
A much less viable thing that has won me a match or two: throwing ball behind and then jump bf3 across the screen gives you the option of a full screen trap making jumping completely unsafe for the opponent.
Some stuff I think could make the variation more viable that hasn't been said:
If ex trap had hugely reduced frames (shades of Deceptive/Unbreakable/etc), you could use it to open up previously unavailable combos e.g 214EXdf4, 21, trap goes off, njp, f2, f12b2, bf3.
Being able to throw trap while in the air would also be pretty useful. For example, if you have a trap out and connect a jp, you could (in air) db4, NJP, uppercut, caught by trap, f2, f12b2, etc
Something I noticed but don't have answers to: electric fly has cancel frames like a normal attack/string; does anyone know why? It'd be cool if you could cancel electric fly with another special (even if just in this variation), though likely at the cost of greatly increased gravity to avoid brokenness.
Kind of ended up being a long post; thanks for readin if you got this farlol.
THAT SHOULD BE A MoS ABILITY! 
