This is something that just keeps getting on my nerves. At first, we had Blast network which seemed nice but it failed horribly and only became a grindfest where you die every 3 seconds. But now we have lockdown, which is about 10x worse. And now I'm here to thoroughly explain why.
1: Horrible lack of balance
There is a horrible lack of balance in Lockdown. Anyone can pick up a faust, pulsar or flourish and get insane killstreaks. There are many overpowered weapons in lockdown that need to be balanced so that Lockdown isn't a roflstomping contest. I understand how to play the role of each class, and I know how the weapons triangle works, but sometimes it's just ridiculous. All you have to do to be good at this game is be an annoying spammer or go striker and depend on your lag booster. If you're not doing this, then you're bound to lose and waste hundreds of crowns and energy trying to get a single recipe with krogmo coins. Which is exactly why you see teams full of strikers, with an occasional guardian or recon.
2: Hardly rewarding
If you play lockdown, you'll earn a coin. If you waste energy bribing krogmo, you might get 2 or 3 coins. If you lose, you just lost 200 crowns. If you win, you get your money back with 80 crowns. But if you manage to endure the insanity that is lockdown, and get enough coins for something you really want, it's hardly rewarding. Triglav is insanely underpowered, the Electron Vortex is hardly a sidegrade from the original and easier to obtain Graviton Vortex, the Plague Needle is easily outclassed by many other guns, even when you have Maximum CTR on a Plague Needle, and the Stagger Storm is very underused and is outclassed by the Voltaic Tempest and Shivermist buster, and the Voltedge is just a rehash of Glacius and Combuster combined. The rewards simply aren't worth it until they all get a decent revamp.
3: Waste of time and money
As I've stated above, not only are there balance issues, and the fact that the rewards are simply not worth it, Lockdown feels like a complete and utter waste of time and money. Not to mention the fact that the krogmo coin booster only adds one extra coin for 24 hours. You might think that such an item would be useful, but it's not. At 300 CE per booster, it's not worth it, even if you play during the entire 24 hours. The only time I've found it to be useful is when I've gotten one or two for free during a promotional pack. In the time you could spend playing Lockdown, you could be earning much more profit by doing Jelly King, Roarmulus Twins or Vanaduke. Not only are they profitable, but you can also find a lockbox when you run through dungeons which kills all the point of playing lockdown if you can already make easy dosh on the battlefield. By the time you manage to get a recipe from Krogmo, you would have upgraded a weapon. But if you're playing Lockdown, you're always losing profit even when you win. Krogmo coins are useless compared to boss tokens as the rewards are better.
And that's honestly all I have to say. Lockdown isn't fun and no sane person would ever play it. Now are we gonna get a serious discussion on how Three Rings can improve Lockdown, or are we going to get a bunch of 12 year olds spewing memes, insulting each other's skill and accusing everyone of trolling? I'm just gonna say this right now: If you can't take this discussion seriously then go to another thread.
Lockdown is what you do when the mist has run dry and you don't want to spend CE running clockworks.
Also, Lockdown is a break from running clokworks which, imho, gets tedious.
It's a game within a game, a mini-game, it's not supposed to be Spiral Knights 2.
As for balance, come down to Tier 2 where the fun and competition is.