I tried using the piercing mod and the extended barrel mod for it's maiden fight. I was on Gold Reaper Reactor with a few people who apparently didn't play on Gold very much. They milled around the spawn point instead of making a break for the "stronghold." The enemies were already spawning, so I activated Devastator Mode, drew the Piranha, and charged into the center. I mowed down four Cannibals, three husks and two Marauders in about the time it takes to shoot and reload a Claymore. Two of the other players caught on to what I was trying to do and rushed into the breach I created, mopping up anything that I had missed, and dug in for the long haul. Banshees and brutes fell faster than I've ever seen them fall since I started playing Gold and Platinum rather than Bronze and Silver.
I think I'll put a smart choke on it from now on, though. Smart choke with the piercing mod should allow me to shred groups and single targets.