.....come TTK, prove me wrong.
Its pretty much a PvE exclusive, you'll have to walk around firing your primary off and be reloading constantly, it takes up your exotic slot and you'll have to get like 250 glimmer for it to even be worth it. It also only has a [b]CHANCE[/b] to drop glimmer and the second perk is actually a disadvantage since its taking away orbs you may want to save for recharging your super after you use it.
Probably the worst designed weapon/armour in the game.
ATS-Arachnid > Alchemist's Raiment.
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It might as well have been a pair of dirty overalls, because all it's for is farming. Next reveal for Warlocks will be garden gloves.