[Edward Edgemenace]

Pluses:

1. Being in ghost form is unbelievably cool.
2. Effective against Joly Roger (but not the rest of the invasion enemies.)
3. Slightly uncommon, thereby increasing overall game mystique.
4. Weapon card is in red, not blue, green, yellow or brown.
5. Encourages hordes of low-level pirates to band together to take on Darkhart. (Erm, yes, a total wipe, in that situation, I'm calling a "Good Thing.")
6. Sword blade itself has unique gold gilding along the blade (I hope that's not rust!) that looks nice.

Minuses:

1. Being in cutlass class, not broadsword, it hits only 1 enemy at a time. And that enemy has to be directly in front of you.
2. Ghost form duration is too short - should be at least as long as ghastly visage.
3. Not a very good weapon for PvP, when ghosting expires so rapidly, recharges slowly; damage ain't so hot.
4. Not a good weapon for leveling (especially when compared to broadsword or staff.)
5. Not a great weapon for looting (and what loot are you still looking for, when you have it? Black clothing?)
6. Pretty effective on Jolly Roger, but bad for the rest of invasion enemies.
7. Useless, compared to a low end broadsword, in a boss battle or flagship battle.
8. Engenders jealousy from the broad majority that don't have it.
9. During first months of availability, was readily obtained by cheaters sweeping Tormenta.
10. Available only from loot drops, undermining the game foundation (quests!)
11. Cannot be traded or sold or bought. (Disney, here's $5 extra - gimme the sword already! Why is there no "purchase THE sword" thing on the "Upgrade Account" page?)
12. Changes HOW people play the game - hunting bosses (harassing higher level players - "HELP! REVIVE ME PLZ!") instead of leveling their weapons on multiple level-appropriate enemies.
13. Obtaining it, does not require crew bonus (but clearly should!)
14. Skews the gameplay away from earning through progression, to freakazoid random strong weapons. (Teaching our kids, just what?)
15. Unlike famed weapons, apparently is not available to basic members. (C'mon - help me decide which account, should get my next game card!)

Overrated? I can't decide. I'll let you know, when I get it. :-)