Excalibur is another sword during a time when swords just don't cut it.
I kinda thought the opposite.
In my current playthrough, I've killed the Destroyer, but not the other two Mechs yet and I really wanted Flame Wings, so I'm farming Red Devils until I get the stupid feather (60 kills, blarrrgh lol).
I have never seen a reason to use Excalibur, ever in the past but it is now my main weapon. I love it. Sure, it doesn't have the slash that the Night's Edge does, but the +30 damage makes up for it.
Now, obviously, once I kill the other 2 mechs (after I get my wings), it's off to spawn a Solar Eclipse and I will most certainly be using a Death's Sickle, but hey. Excalibur is kinda necessary to get the Terra Blade which I will obviously want, so ...
I think it's okay. It's not the most powerfulest awesomeest AoE weapon around, but it's fine the way it is. You're going to make one anyway, and why not make one and carry it around for a general purpose big AoE melee weapon?
I can't think of a reason not to. /shrug
I should mention that I've been intentionally avoiding yoyos, because especially at this stage in progression I feel like they're overwhelmingly better than anything else melee has. The Amarok can be obtained easily by killing enemies in the relatively safe Snow biome, has high range and with the Yoyo Bag acceptable AoE, is easily aimed, has high dps, and was even buffed this patch to boot.
To be honest, with those HUGE slashes that the Night's Edge and Excalibur has... I've been scratching my head wondering why I'd want to use a yo-yo. Maybe on a boss where I want some distance between me and the enemy, I guess? Maybe if I want to cower in a box and kill stuff without taking damage, perhaps?
But for general purpose, as someone who loved yo-yos in the past, I've not felt the need to use one. Not because I'm intentionally avoiding them, but more because of the huge circle radius of those sword slashes, lol. It's fun, whoosh whoosh whoosh everything around you gets chopped to bits. No aiming needed.
I will say that at first (I even made posts here as such), that I was unsure about the melee rework, but after actually playing I have to give a standing ovation. These new sword animations are quite addictive and awesome. I was very unsure at first, and was willing to give Re-Logic the benefit of the doubt, and I'm glad I did as it turned out way better than I had hoped.