Eh, if I had an active preference, then no, spiting you wouldn't be on the table. It's part of why I noted fairly clearly that my consideration for voting in favour of Galactic Punt was in order to even the score to reflect what I felt to be a close battle.
As for why I like Megid. Well, you're right that it's not overly effective. Then again, I'm voting Underpants Dance over Lightning Stab, and Binding Blaze over Intrude. Oh, and Ripper Blast over Spellbinding Eye. So, yeah. Graphics wise, it's decent for the Genesis, and I know I dock points for old systems limits a lot less than other people. But the main reason I'm voting for it is just concept. It's not just the idea of turning rage into destructive power. It's the fact that it does eat half your MP, the fact that it is 4 times as powerful as the second best attack in the game, and the fact that it's so powerful and unfocused, your party also eats blowback from it. That's the stuff that gets me stylistically about it. That makes it stand out as a move that appeals to me at a very fundamental level.
Sure, it's an obnoxious move to get, and not even all that useful. But nothing else short of the Destiny Plume really manages to get across the idea of "I'm so pissed off, I am going to take you down whatever the cost"