Quick disclaimer for people who are looking into getting it; try not to buy it online. Amazon is charging three times the base amount of $9.99 USD (thank you @Dproberts2 for the heads-up on my previous thread) and as far as I'm aware you'll have to pay some decent shipping on any of the alternative websites.
I got mine at Target for $8.99 All it cost was a little gas and the judgemental stares of the cashier as they rang up my kids' toy for a kids' game on a kids' platform... In hindsight, self-checkout might've been the optimal choice.
THE NERF BLASTER:
Anyways, here's my review; it's cool. I like Nerf guns because they're toy guns that shoot foam darts. If that doesn't sound fun to you, then, I don't know, get over yourself or something lol /s
This one has always been my favorite of the set, and that's not just because of its involvement with Mad City (I decided this before I even learned what games were associated with each blaster). It's honestly just a nice design! Of course, it's visually faithful to the iconic Death Ray, but the vibrant color scheme really pops and gives it a nice, retro sci-fi kind of look.
Beyond the item code and beyond it being a toy gun, I really think it's nice to just have this in-person and get to actually hold something that's so close to the game. It'll always be a noteworthy part of the game's history; when Mad City arrived on store shelves!... To some extent, at least.
The avatar item itself is nice. It sits on the left hip of your avatar and fits the default, blocky body type, at least with R6 enabled. If you want to make a whole outfit to match the gun, feel free, but I'm content with just tacking it onto my old outfit until I get bored of it - that is, if I get bored of it. Other than that, the textures on all of the new event items are pretty nice, they're surprisingly detailed with dazzling colors and stand out in a good way.
That being said, the in-game Nerf Ray just re-uses the base avatar item, and regardless of whether or not you think that was a lazy decision, it does mean that it hardly fits in with the rest of the weapons roster, at least not visually.
Functionally, it's pretty underwhelming. Its neat sounds and particle effects make it satisfying to use, but it takes up the primary slot, meaning it has pretty big shoes to fill. Unfortunately, those proverbial shoes are left pretty un-filled, especially when it's competing against titans like the AWP and, ironically, the Death Ray.
Honestly, I just think Schwifty Studios is preoccupied with the recode at the moment, and that lead to something a little half-baked. I'm thinking they'll give it some touch-ups (and a proper in-game model) in the future, but for now, we'll have to wait. Regardless, the game is teetering on the precipice of change (that being Chapter 2) and it's not a great time to judge things like this. I'd say wait and see.
It's a cool little toy gun that serves as a nice collectible for fans looking to own a physical piece of Mad City merchandise. For $8.99 USD, it's a good deal, although that number doesn't account for shipping (or Amazon's price-gouging).
As far as being an in-game weapon goes, it, unfortunately, falls flat and is far less interesting than the means of acquiring it are. Chapter 2 is still coming and with it is an eddy of change, so it may be touched on in the future.