It's rarer but I use it and I've seen others. I'm curious how it has changed since beta 1. Since the start of live, they've significantly buffed the damage and slightly reduced the cast time. It's only flaws are really the cast time (still longish) and primarily the short range. I guess you could add that it isn't "burst" damage. But it's total damage is high and it's easy to get onto many targets. Any target hit at all takes the full damage.
So my build focuses on enabling me to get in, get a good cast, and get out (if needed) and it works well.
If they do buff it, I would want to keep it VERY small. Honestly the "rarity" of the weapon helps too.