The Gjallarhorn is the embodiment of imbalance in Destiny, a single gun that beats all others, one that has denied many a run through a raid or end game PVE activity. The same stands with Ice Breaker, but not to quite the same extent. I'd take balance over one bigoted, super powered, bum slappy, Christ on a bike, kill-em-all death machine.
-Snow
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The gun is fine. It's gong to be nerfed when it is taken to rise of iron and right now it's still year two. And the point of the weapon is to be the coolest and most rare weapon in the game.