Despite owning a wide range of variants within the category, this weapon is no where near as effective as their alternatives. Yet... You know some of these weapons most certainly have style!
Let's look at the stats:
[spoiler]
Very high Impact ratios, this is the mainstay of the Hand Cannons. I'll stumble the target with a headshot no problem.
Low mag capacity, you're going to spend the stumble animation of 2 subsequent headshots reloading giving the weapon some breathing room while you're being harassed by the 4 gents you could have killed with a Scout Rifle.
Low accuracy and range (when compared to the Scout Rifle and Pulse Rifle (Granted you have a low/controllable/predictable recoil model) classes, making for many more close range engagements, with the Mos Ganon III it's of little issue as the weapon is obviously intended for kicking and shooting ranges with it's ability to significantly quicken reloads after a kill with melee. (Or the Searcher MK. 37 with an 8 round potential magazine with Clown Mag.)
However with the exception of the Mos Ganon III and any other Hand Cannon with that ability the reload speed is a major drawl when the weapon is made for those quarters.
Low RoF (rate of fire), this is obviously to provide immersion, reward headshots, and give you time to re-align a headshot. However when you have any of the alternatives, this is a major drawback.
Now for PvE this is a fair enough weapon to get you through the missions, however you'll be better served by another option.
For PvP on the other hand... The only thing the high Impact is going to do for you is throw off a new guy/Sniper/Scout Rifle users' aim as you'll quickly notice, most people use Shotguns, Pulse Rifles, Auto Rifles, and everything BUT Hand Cannons.
[/spoiler]
TL;DR, Hand Cannons need a rebalance.
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Handcannons suck and are not worth using. They need a huge buff