Honestly it looks really cool but it's not that great a weapon. And I'll tell you why: You can't crouch. Such a subtle little thing, but since crouching offers a 50% chance to dodge anything coming your way, in actual gameplay it means that using the whip you will take twice as much damage during ranged engagements.
It doesn't do enough damage to justify that weakness. Stick with the MACO rifle for your long range needs.