This is a more recent tier list that was supposedly compiled by AZY, who has long been one of Japan's elite arcade members and one of the best Cypher players.
We've sort of been transitioning to a new generation in the past 6 years or so. I fully agree that this list accurately reflects present conditions. However, I am skeptical and more inclined to side with the old list for now. The reason is that I noticed that this list seems to have generally raised and lowered various VRs as a whole, more than specific matchup tweaks. Furthermore these raisings and lowerings correspond to those VRs that currently have or lack S class players using them.
There are more players than ever now due to Masterpiece being on PS4, but the overall average quality of competition has diminished, and the gap between the S players, the A players (which now includes a number of us in my opinion) and everyone else has grown larger. There are fewer S class players than there used to be because many became inactive, so a lot of formerly powerful VR became unrepresented.
There is a myth going around among some Japanese players that Xbox 360 and Masterpiece repeatedly shrank projectile hitboxes as a global effect, which ruined some VRs more than others. While I agree completely on the tier impact if hitboxes shrank, I have been spending long hours testing their claims objectively and thus far refuted them all. This ranking is polluted either directly or indirectly by these feelings. For example, some top Japanese Fei-Yen players use it as an excuse or quit entirely.
Raiden: mench777 has been the top player for a while, so I think this ranking could be unbalanced by the skill of just one player.
Specineff: no idea who the current good ones are. But the strongest one in Ranked Match recently was playing differently and abusing his sliding crCW against me. It made me realize and point out to neoken that this move is really hard to dodge even at a distance. It has to be dodged by side dashing within 200m which puts it on par or above all the other beam cutter and homing attacks in this game with similar hitting ability. Basically Fei-Yen crLTLW, Temjin CW and crCW, Battler walking CW, Grys-Vok crLTCW, etc. I didn't realize it was that hard to dodge before especially because it is a vertical wave, unlike the other attacks in this class. Specineff diagonal forward dash crCW, a long known staple, also has identical hitting ability as crCW. Although Specineff diagonal dash crCW tends to be used more at point-blank range like Temjin forward dash RW, it could also be used as a mid-distance superiority attack.
I studied Specineff crCW for a couple days and could find no weakness with that move or way to overcome it, so I basically think much better of him than before. (Nevertheless, the one match I played against that same Specineff player after my studies became far more competitive somehow).
Grys-Vok: also happens to have a new S-rank representative in mito-sanka (I'm one of the better Feis against Grys players thanks to all my matches with FlyExponent and MentholMoose, yet I got crushed by him in Ranked, at least in the first couple matches).
Temjin: there are lately a bit more S-rank Temjins, so again my feeling that this new ranking is overly biased towards carbon-based life forms that currently are found on this planet.
Fei: there have been zero S-rank Fei-Yen players for the last 10 years. So I am skeptical if she legitimately dropped. It's possible, and indeed I seem to have no chance against SoulGuitarist's Apharmd B these days, but I've always had trouble with Japanese Battler players, and I'm still just as bad against the majority of them. Hopefully some experience will let me push the tiers a bit, as I currently feel this is the generation where we western players can start having some influence.
Bal: there are supposedly a lot of S-rank Bals around, so again I think he is floating up due to the population and current interest.
Battler: although he still looks pretty low on the list he actually moved up, and Battlers have been pretty dominant for the past eight years or so thanks to S Zetto who started the trend. He's still probably the best Battler, but there are lots of other great ones too.
Angelan: the ones I see these days play differently, and I think she is evolving.
Commander: I think he is good, but he has suffered from the problem of never having an S or even A-rank representative. He's almost as bad as Striker on this list. And while I do not think Striker is as bad as many others do, I think there is a big separation to Commander, who should be closer to Temjin and others.
Stein-Vok: not sure if he should be higher than this. He also has ever only had one player with him, ChainBlood, who used to be a B-rank in my opinion, but now he is solid S-rank. But he is still all alone by himself with no one to help him represent Stein-Vok.
Striker: has never had even an A-rank representative, but I always see lots of S-class using him in player matches (along with Ajim and 10/80) so he has enough representation in the sense that top players know him as well as can be, but won't choose him in a tournament. In contrast, I noticed that most S-class players can play almost all VR at a top level, except Fei-Yen. Not just against me, but in general. I see them trying to use various VR against each other, and every time they try Fei-Yen they are noticeably quite unremarkable and at a level lower than with any other VR. This is another reason I think Fei-Yen may currently be underrated.
(I have also heard, according to aniking and some others, that Fei-Yen has long been hated by a large number of players in Japan. This may be true, but it has gotten to the point where a potentially top VR may not be adequately represented or appreciated. She's not the only one though: people probably hate or disrespect Raiden and Specineff players just as much).