It would probably rival yr 1 gjallahorn or even surpass it. The explosions would be pretty big I suspect, because of its impact. It is a pretty easy weapon to get though so I understand this isn't feasible. Maybe through a crux of oryx in hm, but unlikely.
Edit: Hip fire seems like a wasted perk. SS rewards accuracy and it is pretty hard getting critical hits through hip fire, even with the perk active. Additionally, aiming doesn't cost you as you are waiting for the weapon to charge anyways.
And the sound - it's very underwhelming. It would be cool if we could hear a laser sound everytime the laser ricochets. A matter of preference I guess.
Otherwise it is a pretty cool weapon, much better then I expected.
Edit: One thing that most of us agree on is that hip fire is not a very good perk for the sleeper.
Edit:
Another good option would be "omnidirectional laser explosions on precision kills". They can name this perk "laserstorm". It would make the weapon very powerful with the downside of it being deadly for the person wielding it. They can then give it red death's description; it would be fitting.
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How about over penetrating rounds that actually over penetrate. Try lining up a ton of thrall and it doesn't even go the whole way threw. It's a freaking laser, for crying out loud. It shouldn't have a penetration limit.