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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It does a shit ton of damage but I was expecting more ammo because it's a fusion rifle and ricochet rounds isn't an amazing exotic perk it's already on hard light and dregs promise, I saw one guy say that the exotic perk should be that the shot when it hits one enemy or critical hit them bounce off and hit another enemy as well and then the last perk do that multiple times