I agree it's not great in PvP, but then there is no one good set of perks to use for both. Personally I use an exotic primary in PvP.
Souros or the Vex on small maps, thorn on a big one.
As for PvE. it's a game changer. There are almost no scenarios in any parts of the PvE game that do not benefit from one or two shots taking out 3 or 4 bad guys. THAT is what Firefly does. When you get to the Boss it's much less of a benefit but then Scout rifles are not good for bosses anyway.
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I'm not one of those "My opinionz r factz" people but here's my take on Firefly vs. Explosive rounds: Personally, I prefer Explosive rounds. They do equally well in PvP or PvE, you don't have to be in scope to have them be effective, they work whether its a kill shot or not, and they can still do damage even if you miss your target. I killed a Titan in IB today by shooting the wall behind him and letting the explosion get him. Just my two cents worth. I've used both, and I think Explosive rounds are better than Firefly. But, to each their own I guess.
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Explosive rounds are meh cause they take some normal damage away to do aoe damage.
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I agree that Explosive rounds will give you a more rounded all use weapon. I don't use one weapon for all things though as I said in my earlier post. If I did I would not use the same setup for both PvE and PvP. Firefly is an excellent PvE perk but you don't get to turn it off. Explosive rounds you can select one of the other two options. so it doesn't clash with Firefly when you need it.