Transient Moonlight is the reason that Elden Ring Runes makes the Moonveil deadly. Even after FromSoftware stealthily nerfed it in a recent patch, the katana still quickly builds up the blood loss status effect, hits hard when upgraded, and shoots out a Vergil-from-Devil-May-Cry-style blade wave. In PvE this weapon skill can be a nice way to get a few strikes into the game while keeping a the distance. For PvP players, this skill is a godsend. This skill lets you maintain pressure at close range and lets you interrupt casting animations from a distance.
Being the victim is such a nuisance that there's folks on both sides. Some people love the Moonveil they claim it has helped them defeat many bosses and invaders repeatedly. Others call it broken because players use Transient Moonlight too often. There are even folks that apparently hate the Moonveil that they named their Tarnished to transmit their hatred on other gamers. It's a bit extreme.
I get it. The challenge of fighting with a weapon which instantly releases a projectile that is extremely damaging could be extremely frustrating in PvP. However being a dedicated practitioner of katana, I'm enjoying the Moonveil. It's the type of weapon that brings out the otaku in me and lets me play buy Elden Ring Items my fantasy as a the ronin of Rurouni Kenshin, or perhaps Elden Ring's very own samurai, The Bloody Finger Hunter Yura, instead of a rough Tarnished. Now, if only my ghost dogs and I could get rid of that Magma Wyrm.