Based on my (intended) design and goals with Houndius, it excels at one thing in particular: single target damage. And that's it. It is accurate, flexible aiming, and has better single target DPS than any of the Tier 1 OOA sentries.
BUT, it has absolutely nothing for group DPS. No splash, no piercing, no DoTs. All 4 of the OOA sentries have better potential group DPS (some more reliably/better than others), and so they are both better fits for the OOA event itself and also better for invasions, enemy-spam biomes (Dungeon) or the like. But Houndius is going to be your better sentry for, say, Skeletron or EoC.
You can say it makes the event pointless, but only because Houndius fills a different niche than they do . . . and they fill a niche that Houndius is pretty bad at.
By all means, I love balance discussing and I don't want to discourage any thread making/discussion for balance. But whoneedsnamestbh has it right; I SUSPECT there will be no further balance revisions. Please feel free to discuss but I don't want to give false hope that the feedback/discussion will be acted on. I won't entirely dismiss the possibility, as Red and Cenx have sprung quite a number of surprise updates even on me, but I was comfortable walking away from the 1.4.1 balance changes relatively happy (knowing that there is always more to be done, and there are some oversights I made that should be rectified).
Large scale balance work (such as I did in 1.4/1.4.1 can take months of work and evaluation. That's a pretty long time for me to spend my work hours on, especially as I'm also responsible for bug reporting, testing, and my other minor duties and stuff. I just can't really "dedicate" 3 months of ReLogic time to balancing, and the more significant changes require me calling in better programmers (which takes up even more time). I may in time find myself driven to pursue some personal balancing projects on my free time, and then request permission to have an update for it, but as ReLogic shifts away from Terraria, it's harder and harder to justify the work hours to it. Rest assured; if we ever do have such an event again, I'll make a thread for it and try to get some attention, but I usually don't read balance discussion threads when I'm not approved to work on it; knowing I can't do anything about it just stresses me out, if that makes sense. Balance is important to me, and knowing there are "issues I can't address" is like an itch I can't scratch.