I actually got a drop that has explosive rounds and firefly too. I just got it so I haven't upgraded it yet but a friend told me that the 2 perks don't work well together. He said the explosive rounds sometimes cause you to still get the kill but the impact spreads out the damage so you don't also get the firefly effect unless you're dead on with the precision shot. Have you noticed any trouble with that?
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I forget the name but the bullets that stagger them are much more effective...explosive rounds just spread the damage...good against oracles and some shields not much else
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I have noticed it but it gives me no trouble. I am not hitting head shots 99% of the time, so the interaction of the two together does not bother me. But the explosive perk can lead to firefly not activating. That being said, I use this almost as a mid/long range crowd control. The explosive rounds just demolish mobs. And if the firefly perk activates, even better. I would level it at least until you have to start giving up energy.