It provides a more decent "flat" stat bonuses than beetle scale [22% melee damage vs 14%, +15% melee speed vs 12%, +17% crit chance versus +8%, and +15% movement speed vs +12%], it provides more defense and has a more consistent damage reduction than beetle shell, as well as provide a powerful explosion that deals 250 damage + damage mods. On top of that, it has a dash that allows you to move faster than a person running in asphalt that also damages multiple enemies in your way [while at the same time protecting you from their touch damage(?)].
Vs. Beetle Scale Mail
Pros:
8% more flat damage than Beetle Scale Mail
3% more flat melee speed than Beetle Scale Mail
9% more flat crit chance than Beetle Scale Mail
3% more flat movement speed than Beetle Scale Mail
17 more armor than Beetle Scale Mail
30% more damage reduction than Beetle Scale Mail
Provides a powerful explosive 'thorns' aura
Provides a quick dash that damages enemies in the way
Cons:
22% less overall damage than Beetle Scale Mail
27% less overall melee speed than Beetle Scale Mail
Vs. Beetle Shell
Pros:
11% more damage then Beetle Shell
9% more melee speed than Beetle Shell
12% more crit chance than Beetle Shell
9% more movement speed than Beetle Shell
5 more armor than Beetle Scale Mail
Provides a flat 30% damage reduction with just one charge
Provides a powerful explosive 'thorns' aura
Provides a quick dash that damages enemies in the way
Cons:
15% less overall damage reduction at full charges
Slightly slower charge regen rate
All in all, it's somewhat of a jack-of-all-trades armor that, although offer less than both Beetle Armors in full charge, provide better stats consistently, even while missing hits, not attacking, and even getting hurt. Basically, it combines both Beetle Armor, Shield of Cthulhu, and Turtle Armor into one set.
Due to this, it shouldn't be a surprise if it is considered a turn off for minmaxers who prefer to maximize defense or dps. But to the person who wants the best of both worlds, then this is the armor they'll be looking for.