I may be in error, I'm sure Bungie keeps tabs on weapon usage, but I almost never see this weapon in the hands of a guardian, either in pvp or pve...
For it's perks, one increasing armor, one increasing agility... I think that if the current theory of having to pick only one perk were replaced by activating both, making people have to keep alternating between crit kills and body kills, the weapon would see a lot more use. It takes skill to keep a kill chain running that would keep both active and a challenging weapon is often more fun..
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I use it almost all the time in both PvE and PvP and think it's fine. Gun looks and sounds great with good sights and perks that make it feel pretty good while shooting. I can actually do well in PvP (barring teammate, connections, joining late into a full team with heavy and supers and other crucible shenanigans) with great success as I usually go for headshots resulting in a bit of extra agility to move to the next target or to leave the area. I also switch to the Or Another perk when the game is laggy or the host switches midgame resulting in delayed shots (shots that appear on target are suddenly misses) as it is safer to body shot for a larger target which will give that little bit of protection. When switching from other weapons the perks will initially seem like they do not do anything, but after some time, it is noticeable.