Once you upgrade it to have 300 attack it seems to perform alright in PVE, but in PVP the best you can hope for is 15 critical damage which means best case scenario is a 14 shot kill... I've been using this thing all week and I feel its a mid tier weapon at best. It's not worth farming for. By the time you get the Crux of Crota to drop I'm sure the game gods will have blessed you with a Husk of the Pit.
I have the ally maxed out its actually pretty fun and not bad in crucible so long and your opponent doesn't have a gun thay can drop you faster like thorn for example and make sure to focus on head shots