It's one of the few weapons that has to be earned and have resources spent on it (motes) so it should he better than other weapons. I have it but haven't used it much. I might now after seeing cry baby scrubs.
Also the slow rate of fire balances the gun.
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I've only used it in pve so far, really good shotty. Looking forward to using it in pvp. And yes the rate of fire does balance it. You miss your shot and you could easily be killed before you fire again, it needs to be powerful to make it worth using.