I'm a sword fan myself, although I rarely see any others using them!!
From a pve perspective, and maybe this isn't what you're referring to, I much prefer them in fact!!
Could do with some improvements though; we definitely don't have swords as good as the dark drinker or the raze lighter!!
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I like swords too but auto-shotguns generally have better boss DPS & you can have a rocket launcher with you.
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Oh yeah boss dps with a sword just isn't viable... and I guess both weapons suffer from the inevitable stomp attack! Swords, depending on perks (gear and weapon), have great ammo economy though! If masterworked is a great way of topping up supers to use regularly throughout an activity (no different to shotguns though, I guess)!