The fact that you actually need to have games where people are not hitting you to outperform in dps severely limits its versatility and survivability, which renders it mediocre for PvP.
It may deal more damage, but working 50% more to get 10% more results on an inconsistent basis means it's not worth the effort.
I would generally agree with that assessment, as long as you know that by choosing to NEVER use it in ANY situation you are actually gimping yourself 10% in those circumstances when they do occur.
But yes, I generally choose never to go into a rated game with madness. I tried it once, my team made me guard the off node and I blew up instantly when attacked and lost the node
Never again in a rated, but still good fun for farming dps in regs.