I won't be talking about the fun-factor. I like this weapon but it's obviously nowhere as good as Invective or really any other one with acceptable perks/stats.
But this weapon must be played like a, D:, shotgun. You have to be very close, you reload like a clown and unless the enemy is in Titan melee-range, you will have to fire several shots to get your desired result.
Now let's compare this to the other shotgun models we can use. They oneshot from hand cannon reach, abuse the modem 110 server lag like nothing else, they can kill players out of their supers with a single hit, reload at a speed which makes you forget about everything and you actually can play an entire crucible match without ever fighting anyone outside your desired range.
As I see it, the 4th Horseman is the only shotgun which plays like one, not like a superlative penta-barrel railgun.
It obviously needs a buff to compete (maybe return to sender being changed to 100%, or something actually unique - e.g. explosive shots), but it would be much more desirable to nerf the range and reload speed of all other shotguns instead.
But who am I talking to.
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The SwordBreaker is another balanced shotgun. All stats are ruffly on the same level.