I've heard that the Callahan can be pretty deadly in PvP if used correctly, but its rarely-seen existence in Lockdown seems to say otherwise.
But it's not a bad gun by any means.
Based on the gun's behavior, I think it's more of an offensive tool like Valiance and the Driver lines. The bullets themselves come out fairly quick and have a slightly large hitbox (I think it covers the tile it's on and about... half the adjacent tile in each direction?), so it's not exactly "easy" to escape the bullets.
It also has a good chance of causing Stun, which in some cases can be more useful than the Storm Driver's Shock, especially against players who are practically MARRIED to their Gran Faust. Even if you're shocked, you can still fight for a few seconds before you start spazzing again; getting stunned makes it impossible to fight, considering you're slower than a Lumber and it takes you two seconds to swing your sword. Also consider that there aren't that many sets that protect against Stun. and the Callahan is one of the more useful weapons that inflict it, the other being the Stagger Storm.
It's also one of the few guns that deal Piercing damage, and though I've heard tales of people bringing a Blitz Needle to Lockdown every now and then, I've yet to see its success firsthand. Though it'll lose against Skolvers, people might be more inclined to create builds that counter against the Gran Faust and other weapons commonly found in the Lockdown metagame, encouraging the need to bring Piercing weapons like the Barbarous Thorn Blade.
Ah, but does it deserve a slot that could be used to switchfire Storm and Hail Drivers all day?
in many capacities you actually understate the usefulness of what a callahan can really do, but in the same vein, it goes without saying that there are few players who can fully utilize a callahan in a playstyle that can keep up with everything else, so it's important to keep what it CAN do versus what YOU can do with it in perspective. in most cases i believe it's 5 shots from a callahan to drop your average striker. playing it with a hybrid mentality or even just using nothing but swords and keeping callahan tucked away for players who try to create some distance, the only "wrong" way i can think of using it is to consistently belt out both shots and leave yourself vulnerable for that long.
it also doesn't really have an armor that it is unplayable against, unlike valiance and some drivers in certain scenarios - but at that point, we're going into specifics that really aren't applicable. if you can consistently land the shots when they count, the range from the callahan more than makes up for the lack of playability behind it in most aspects, and can make for a quick "skillshot" for lack of a better term.
in the event they ever make a return to the game for more than a few days at a time, tmdals is one of the few people i've seen ask about magnus lines, and then take a callahan and readily outplay me with it. so if there's anyone who can speak with more authority on it in practice rather than in theory, it'd be him.