When TTK dropped I picked up Nightstalker and didn't look back for about a year. The biggest reason? Vanish in Smoke. In year 1 I kept my fireteam fighting through Nightfalls with Bladedancer's invisibility, but as soon as Vanish in Smoke appeared, I picked up my Monte Carlo and became invisible at the touch of a button, no need to crouch or run into combat. It wasn't until I was reminded of Celestial Nighthawk's destructive power with ROI (as Nighthawk was near useless compared to Blackhole Shadowshot in King's Fall) that I touched Gunslinger again, and I'm glad I did. I love that subclass again, and I really wanted Bladedancer back. But it's useless now.
Bladedancer invisibility is pointless compared to Vanish in Smoke. Arc Blade is terrific in PVP, but for PVE, even with the buff to damage, it's horrible. It takes forever to chew into anything worth using a super on, so it sits there doing nothing, and not even Memory of Felwinter (lose super, gain extra grenade and melee) can make up for that, because the melee abilities aren't that useful anymore.
The biggest problem is that every other subclass in destiny has terrific synergies. All warlock and titan subclasses are fun to me because of it, but Bladedancer's only real synergy revolves around Shadowjack, and once again... Vanish in Smoke. I really wish they'd just replace Shadowjack with somethig better. Give the full invisibility timer to anyone who uses a perk slot on invisibility (they deserve it if they do), and replace Shadowjack with a useful PVE perk, with some real synergy. The best I've heard before is reworking Shadowjack to increase damage for all abilities used coming out of invisibility. They can make the increase totals different between PVP and PVE (the way they did during the Hunter nerf update) and that way it has something that Nightstalker doesn't while actually being worthwhile in WOTM. Bladedancer was incredible year one, and I want to use it again.
And I'm not talking about playing Bladedancer just for the heck of it, either. I've tried that multiple ways, with multiple set-ups and... there's just not a strong enough build for PVE. I've been searching through the internet and I can't find a good build for this subclass anymore, and I really want to play it again. BADLY.
Edit: I made a post very similar to this in the Subclasses thread, but then saw Feedback and thought it should be here as well. Here's the link if you want to check peoples' comments. https://www.bungie.net/en/Forums/Post/221279634?sort=0&page=0
Edit 2: More than a few suggestions have been given about builds to use, and after trying a few I've finally found one that's actually passable, though it still isn't as great as Nightstalker or Nighthawker and it uses your exotic armor and weapon. Fast Twitch for super quick melee recharge, synergised (finally, though a small synergy) with Hungering Blade means quick recovery when needed. This also means you can put blink back on if you like/miss Blink. Then wear the Sealed Ahamkara Grasps for the additional melee (which means you have more chance at a kill to Proc Hungering Blade, and if you roll Switchblade for it you can recharge melee even faster). Last but not least is the Monte Carlo, which reduces melee cooldown AGAIN and can fully recharge melee. SAG will also sometimes reload your primary, meaning more Monte ammo for more melees. It's a bit of a frantic playstyle, but like I said it's passable, and it might still hold together if you change one of the exotics. For the other perks, try Fleetfooted for easy escape and quicker time to target, Arcbolt for dealing with overwhelming adds, and Showstopper for area protection. I'm going to test it in Crota's End soon and report back, but I invite others to try it too and comment below.
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When I first played and my options were gun slinger and blade dancer. I chose blade for PvP hands down. Gunslinger was more useful in pve. Nightstalker came and like you I used that in PvP and pve and never looked back. Invisibility and shade step and a bow an arrow you can't go wrong. But recently gunslinger is making a come back with me and found using it more in both modes. Blade however there isn't a lot of use when comes to super since its melee based and get close to the boss they just step on you. I use it now when the bounty calls for it then I'm done.