Terramorphous can be pretty annoying, just since he can and will kill you if you make mistakes. The Hide is a realllly good shield though, which sort of makes it worth it. The Breath is also a pretty awesome grenade mod, my fire grenades of choice. The Blood isn't very good, just because almost any relic is better, and the Pitchfork is just a pretty gimmicky sniper rifle. If you keep at it you'll get the proper class mod soon enough. The three skills aren't all that great but the skill points are if you don't have a legendary class mod.
I just farm him for random purples, relics, and for the two red chests after killing him. That's where I've gotten the majority of my E-techs.
The only things I really want to get are a better Black Hole, a Transformer (Pimon won't spawn in my game), a Maggie, a Slagga, an Infinity, and a Thunderball Fists. Right now I'm just scared of wasting time farming if they're just going to increase the level cap in the near future.