Yes, inferior. It was inferior to several other weapons including the Suros Regime for example. This was made evident while competing in the Iron Banner event at level 30 vs level 30 testers. As damage points were displayed, you could see that the Vex was unable to meet the headshot damage of the Suros by a fair margin. That is an ordinary Exotic vs the hardest weapon to obtain currently. The Vex has now been brought in line with other weapons to make it a more attractive option.