^ I actually think it does 'good' damage if you can work your way around the accuracy issue. I put good in quotes because I am comparing it to other rare ARs and I think it's damage is a bit better than most. (I am not a numbers guy, I am solely basing these on my experience). It'd be foolish of me to compare it's damage output with some of the best ARs like typhoon, harrier, PPR, saber.
I do understand your argument involving the Raider though. Raider is rewarding if you get up close and blow the heads off. Revenant is not in that category - not even close. But it can make quicker work of mooks up close than other rare ARs.
However, this is purely based on my experience. I could completely be wrong when you consider the actual numbers and stuff.
It has decent or good damage, just not enough. Its DPS is a little bit better than guns like the Lancer, Valkyrie, Saber, Hornet, Eagle, CSMG, and BPP. So you might kill close range mooks a little bit faster with the Revenant than with those guns. But all those guns have other things going for them that makes them superior guns, including better range, lighter weight, and/or increased armor damage. The Revenant doesn't have anything extra.
EDIT: And I'm not even going to compare it to the Hurricane. To really balance this game, the Revenant should have had DPS closer to the Hurricane's now (and should have weighed about 1.8-2.3) and the Hurricane should have had DPS closer to the Revenant's.