Demoknight; the Schrodinger's Cat of Balance

Help me, spuf, decide if the demoknight is really a balanced aspect of the game. I constantly read arguments both for, and against, demoknights in terms of effectiveness and whether demoknights are a worthwhile aspect of the game. On one end, I can see how complaints about the overall tanky, gimicky (basing any loadout on Source's hit detection is going to be pretty gimicky), and overall not fun to play against demoknight are sound, but on the other I hear arguments that demoknights suck and are fairly underpowered (bringing a sword to a gunfight and all).


So spuf


What say you?

Demoknight; the Schrodinger's Cat of Balance