Hot damn did I call that.
In a vacuum AS/OR Rayquaza still has higher DPS among flying types with at least one flying move. Against Machamp Rayquaza's double-flying moveset *barely* nudges it out in DPS while having either more or less TDO depending on the moves Machamp knows. In practice, the two are more or less tied in performance.
Overall yeah, for the flying-type crown you could say the... heat is on ;)
EDIT: I'm guessing it'll be TM-locked, which blows for anyone not wanting to rush out and catch a new one. I personally don't think it's *as bad* of a scenario as Thunder Shock Zapdos as fire and flying type moves have different uses, but c'mon Niantic. Why you gotta play us like this?
EDIT EDIT: 3k dust guaranteed per raid? Holy shit, rev up those star pieces ladies and gents.
TRIPLE EDIT: Against targets where fire and flying type moves have the same effectiveness like Tangela then the crown goes to Moltres hands down.