It still hits like a truck, especially when loomed. It's underrated because of how much lower its stats are, compared to before. Comparing it to the previous (OP) version makes it bad, comparing the current version to the same type of weapons in game right now, it's clearly still good. Compare it to other polearms though, you see it lacks length, which of course is the king stat.
Bec de Corbin
weapon length: 120
weight: 2.8
difficulty: 15
speed rating: 93
weapon length: 120
thrust damage: 26 pierce
swing damage: 34 pierce
slots: 2
Secondary Mode
Morningstar
weapon length: 82
weight: 3.5
difficulty: 14
speed rating: 92
weapon length: 82
thrust damage: 0 pierce
swing damage: 38 pierce
slots: 2
Unbalanced
Bonus against Shield
That's a huge length difference, it's about like fighting a LHB as a longsworder, except you don't have the thrust to compensate your range disadvantage. I'd rather have a bec than a morning star, any day.