Something's wrong, I'm pretty sure this weapon is supposed to have flavor text.
http://wiki.spiralknights.com/File:Iron_Slug_Problem.png
Also: the wiki says the range on it is longer than the mega magnus. I don't have both but I obviously upgraded from the MM and I don't notice anything measurable. The range is certainly shorter than most normal guns still.
It doesn't have flavor text yet. There's a few items around the game that are lacking it still.