Its nowhere near as good as either of the shotguns though (which it shouldn't be for a starting weapon)
First you have to charge it up, so its only useful in situations where you have the jump on the other guy.
Second, if you either miss or don't get a OHK then you die cos the other guy has plenty of time while you boltshot vents then charges again.
If you completely miss sure... but as long as you wing the enemy you can just melee once and get a kill.
I think the real issue is it's range. At ranges that far exceed the Shotgun or Scattershot it'll completely blow out your shields, (if not out right get a OHK), and all you need to do is which to your primary and one shot the head.