Man, our team just finished it. Got it done with 10 seconds to spare! Gotta be one of the most intense experiences I've ever had in Destiny (or any game), but so satisfying.
We were all using swords, but not the exotic ones. Our strategy was to blaze through the first rooms (got it done in like 4 minutes), then, at the boss room, play very aggressively and take control of the area. Priority was Balls > Psions (before they can multiply too much) > Other Adds > Boss. Got several windows where it was just us and the boss, and at that point we all wailed in with swords and supers. 3 people hitting him at once leaves him staggered and unable to move or attack. Then the second a new ball spawned, we chased it down and mopped it and the adds up before they could get out of hand.
It worked pretty well. Had quite a few deaths, but were able to revive easily enough. So glad it's done now, but I didn't get the ship, so I guess I'll be going back at some point.