I honestly get the feeling that it is in the game solely to allow Movie Makers a way to destruct ships on-cue. I have never used it once -- not even in PvP.
It may also be there to allow those goodswarm failbots to satisfy their sophomoric urges.
the only possible use i can see to it is if it explodes you quicker than normal when you die. since enemies can generally get out of there after they kill you you could do this to catch them while they are still near and help out your buddies. one of those last ditch things like ramming speed. only an aoe
Well if you're soloing they'll automatically revert to full health after the first explosion, which isn't the one that does the actual damage. So a generally useless skill at the moment unless they imlpement some type of further functionality. Just make sure it didn't get autoplaced into on of your 1-0 or ctrl/alt bars.
If you are going to die if gives you the chance to take them with you. 1% hull left next to a damged borg cube and it looks like a scrapyrad afterwards.
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It may also be there to allow those goodswarm failbots to satisfy their sophomoric urges.