Well for one, you can literally OHK tanks during Nightfalls if you have the right Modifiers.
It also does insane damage if Brawler and/or Arc Burn is on to just about anything that moves.
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Yup, with arc burn, brawler, and my peregrine greaves, I one-shot Hallowed Ogres. Pre-taken king, I was doing 32,000 or more damage per shoulder charge. I am just dreaming of the day that Arc Burn, Brawler, AND Airborne are on while using Peregrine Greaves. That day... will be one of the happiest of my life. :')