I really want to know because I, for one, am not disappointed. I feel that everyone hyped the gun up so much, saying its the next Gjallarhorn, and spending days searching for clues on the forums. I feel it is because of all of this that we, the community, we ourselves up to be disappointed.
The say I see it, we had unrealistically high expectations.
It was clear that Bungie did not like the Gjallarhorn because it was seen as the only useful heavy weapon and it made the community, like on LFG and other places, were very exclusive with who they wanted to do the raid and nightfall with, which made a negative experience for anyone who did not have it (like me). Bungie did not want "the next Gjallarhorn."
Overall, I think the Sleeper Stimulant is strong with high damage on each shot and balanced by the slow fire rate and low ammo capacity (which is more DPS than the Raze-Lighter RT attack (which everyone said was OP)) not to mention it has range, where the swords do not. I think that it is good and plan to use it a lot.
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This gun is awesome. Goliath tanks melt with just 3 shots. Level 3 Ogre in CoO dead with 6 shots. Adds all gone with Rick shot. If you equip launcher and use 6 shots then swap to SS you will get 7 more shots from your last rocket. That's 14 shots of heavy from 1 pack. More if you have a perk for extra rockets on armour. In theory you could get 15 or more shots this way. That is some heavy duty damage from one pack.