Frenzy is just MoA but better in every way? Frenzy activates when gun is stowed, gives same damage buff, gives 100 Handling, gives 100 Reload Speed, AND lasts longer than Master of Arms? Bungie why even include this perk if you are just gonna make it less than useless? MoA needs to be buffed HARD to be viable.
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MoA has a faster activation time, other than that... Frenzy is the better option. If you have downtime between engagements, and Frenzy times out, it takes longer to become activated again. But, MoA can deactivate while shooting chunky enemies (while Frenzy stays active in the same scenario). MoA is much more of a PvP perk where Frenzy is more PvE focused IMHO. Thats my take on it.