For an exotic heavy it's mediocre. Jolder's Hammer has more impact, better stability and doesn't suck up an exotic slot it's almost always the better option (I have one of the originals in each burn flavour).
Despite all of that Thunderlord is a blast to use and I'll frequently dust it off and run it even though I've got a better use for the exotic slot.
EDIT: Same applies to MIDA in PVE, it's only so-so (Vision and Fang are better scouts)but I love running with it every now and then.
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I was talking more for pve. Pvp I agree with you