I very honestly think the problem with this discussion is that people are comparing this weapon to its former self; a grossly overpowered sword gotten from a low-level boss. If we want to have a fair discussion, we need to stop comparing this sword to Cursed Blades or how it was formerly.
As it stands, this sword is by far the most powerful non-cursed sword in the game. That's how it always should have been; it's a powerful sword gotten from a low-level boss. It's the best sword to have in the midgame. Heck, it's more powerful than some cursed swords such as Nautilus.
People say that the devs overnerfed it, but they put it in a reasonable spot and since the sword was so bloody overpowered before, it seems like a gigantic blow. The thing is: this sword is for the midgame. If you want a midgame sword gotten at a level 30 boss to be comparable to swords gotten from level 50 bosses, then you're being unreasonable.