As a main since day one I can say that Ferra/Torr is fanfuckingtastic. My favourite character design by miles, and just so damn satisfying to play (
check this set out). I started with vicious and loved just wrecking most characters zoning (Oh hi GM Sub! you just dropped a clone in neutral? Welcome to a 50/50 you just put yourself in). I dabbled in Ruthless on release but PnG was mostly useless pre-8\31 patch(ending in f3 2 was the best option). I really expected a lot of people to start trying the character out after this MASSIVE buff, but I'm quietly pleased that that hasn't been the case.
They are ranked low on tiers because of lack of publicity, and peoples (mis)conception that they are easy to zone (only two characters have favourable trades with Ferra OH/Low projectiles, sub and ermac, if there's another character with trap projectiles please remind me, I don't really count inferno scorp). With a lot of practice and good reads its very easy to shut down your opponents zoning. I think they also lack variety in there move set, so I can see why people may get a bit bored with them. I also feel the lack of variety plays into their flaws.
I'm gonna argue that meterless damage (outside of Ruthless) is actually pretty weak, even Vicious' METERED damage is pretty weak, you're not gonna get past maaaaaayyyyyybe 35% in vicious, Vicious also lacks any real reason to go for a setup rather than damage (not that this is necessarily a bad thing, but it makes strategizing kinda redundant when you can only do the same 3 things, this is more more of a wait and punish variation). Can't speak for Lackey, I get abandonment anxiety
.
In summation, if you want to do well with this character, learn the fuck out of Lackey and Ruthless, git gud, its really easy. Spend maybe an hour in Vicious to see get a feel for the two different moves, but your gameplan going into a match will be the same...
BREAK THA FACE!!!!