The Gold Chest is good for when you're leveling up and getting screwed on loot. It can get you stuff to tide you over to the next legendary, purple or unique item. It's not a great way to get top notch gear and won't really make you overpowered for longer than a level or two.
I have so many Lv8-50 Legendaries I don't ever use the box. I loaded up on em when UVHM came out so I would be good if I ever out leveled my gear and on my first play through, but since there is no point. I found an awesome E-Tech AR with 200 rounds, is shock, good accuracy and damage that I use, but I don't like most of what I got. Mostly hand guns.
I think the chest does hurt normal mode a bit. I got some really overpowering purples on my first normal playthrough of the game. For a while I had a shot gun that would basically one shot everything in the game for a good 5 or 6 levels, except bosses.
It still goes give you a lot of crap, but all you really need is that one gun to pwn normal mode.
I would think that the golden loot chest is mainly for the people who are only gonna play through the game once and move on to something else. The stuff I got out of there in normal was great but, in TVHM and UVHM everything was junk. Not to mention all the times I got useless stuff like weak blue relics and class mods for every character but myself.