Although I like the look of the Skull of Dire Ahamkara it's effects are too subtle to be worth it. You have reduced damage while Nova Bomb chucking sure enough but siphon abilities are increased? The verdict is still out on what that even means.
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It means that the energy drain effect lasts longer.
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That's something I've heard: that it gives you The Hunger perk. I've seen little evidence of this or maybe the energy drain itself isn't strong enough.