The whole bounty story is you have this annoying chatterbox gun with a personality and you have to appease it so that you can use it, and the flavor text suggests it still doesn't shut up.
In terms of stats the gun is barely remarkable because accuracy really isn't an issue with most MGs even at range. I've been happier with every purple MG I've found. It would really add some personality to the gun and the game if there were more to this gun.
EDIT: http://www.bungie.net/en/Forum/Post/73411163 I'm now compiling all the Super Good Advice into its own thread. Go share your nose nuggets of wisdom!
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They should voice it with The Bane's voice from BL2. "RELOADING!!!"