It's... strange. There's a lot of things about it I love, but sadly, still confusing.
It has a 'mini-swoop' to it... you can leap forward and when you land, hit everything with a decent shockwave... it reminds me a lot of various MMO attacks. Once you're in melee you get to H&R back out, which is nice, and you can even burn your Nova to leave the battlefield and deep strike back in. But it really feels like they're toeing the line with a suit that almost wants to be in melee... one Nova effect is ONLY melee saves, while the shield is better against close range and CC attacks.
The suit's range isn't more than about 12" or so... a half-range torrent flamer which could wipe out any infantry you throw it at, and an ion shotgun which could realistically glance a knight to death. But every time you need to be in pretty close. Also, it has better BS than other Riptides. Not sure why. Flamer doesn't need it, but...
One thing to note: Conflicting rules on who can use it. It specifically says that it can be used in a 'Codex: Tau Empire Detachment', suggesting C:TE, and only C:TE, not Farsight... but then it goes on to say that you can give it 2 pieces of support systems (like any Riptide), but you can't give it the Farsight SigSystems. So why even mention that... unless it's saying you CAN put one in Farsight?