So something is wrong with having a weapon that has a 29 pierce stab with 103 speed (talking about MW here)? Again, would you like to have the cake and eat it too? The usefulness of any weapon is defined by the person that's using it. Since you seem to think that throwing it at high armored targets and shields (lol) is a proper use of the weapon, then of course its not useful. Hell, most weapons are not useful against a high armored person or a shield. What's so special about the throwing lance? The low ammo? Then be more selective when you throw it (not to mention you can pick up any other thrown weapon without a problem.
Yes, its an expensive top tier weapon that fills a certain playstyle, kind of like a flamberge. Doesn't mean it needs to be buffed to the point where it becomes the definitive throwing weapon. Otherwise, why would any thrower use anything else?
No, there's nothing wrong with that weapon. I would like to have cake, and eat it, because that's what you do with cake (eat it). The usefulness of any weapon is defined by the person using it - not wrong but falls apart after a certain point. I don't think that's the proper use of the throwing lance, and if you really think that's what I think then you clearly didn't think hard enough or at all.
How can a weapon be useful and useless? If the person using it is good at using it, and makes that weapon useful, how can it also be useless when paired up against high armor or a shield?
Also, how can you be perfectly ok with a dagger that can be spammed just as much as the throwing lance, but be totally against the idea of the throwing lance having the same capabilities? If you have a shield then both are useless, regardless if the throwing lance has throwing capabilities, since every weapon is useless against high level armor/shields. And in fact every weapon is useless if you can block(What's a great hammer). And if you're getting spammed from a throwing lance, then your simply bad at blocking. What makes the throwing lance special? Nothing, I think there's a problem with the throwing tree in general, barring the Jarid.
It's not going to be the best fucking weapon in the throwing tree if throwing wpf gets synergy with the melee wpf. And if you really think that it's going to be the best throwing weapon (Which I have to believe, since you think I throw lances at shields and call it a good use), then there's nothing I can say that won't sound like someone trying to explain quantum physics to a 5 year old.