Comments made to our Dark Souls Wiki
Why people hate this weapon? It's perfectly suitable weapon for early game dealing 200 damage.
To reach 200 damage with Uchigatana, you'd need +5 upgrade and 26 DEX, or +10 upg. and 14 DEX (+6 requires Large Ember in Depths, behind Capra Demon).
Personally I find this a great weapon for Parish and Depths, it allows me to put some levels into Vitality and Endurance early.

Maybe it's the sloooow cheesing with bow people hate?
There's no need for that, you can get the tail reliably with Gold Resin and fast weapon (Axe, Uchi and many other works).
1) Run from the bonfire up the ladder, below the bridge, choose equip to get below 25% equip load
2) Go up the stairs and around wooden railing to the safe corner (take a little bit wide angle so Wyvern sends fire and burns the mobs)
3) Move a bit to the side, stand just behind the corner, apply Resin and wait
4) After ~20s Wyvern jumps down on the bridge (if it sends fire instead, you're too close to the center of bridge)
5) Run (no sprinting!) to the tail along the side of the bridge, straight
6) Hit is 3 times: you'll get the tail
7) Go to the bonfire at Sunlight Altar (fire can hit you once, you should survive that if you're close to the side of the bridge)

Works every time :-)
The reason people hate this is the fact that it doesn't scale with any stats, so it gets beaten in damage pretty quickly, provided you have the right stats. while it is certainly one of the best early game weapons, it simply loses its value way too quickly compared to other weapons that scale and can be upgraded past five levels.
A friend spoilered me, telling me how to get it... so i did and used it all the way until Kiln of the first flame where i got access to the black knight gear.

I am a little sad about how this changed my game experience as i never really went into upgrading any other weapons...
I did upgrade it to +5 and liked it but after switching i have to say that it gets outscaled hard.

I only switched once for the crystal Halberd at O&S , the increased range made the fight much easier.

I used this sword all the way until Andor Londo. At that stage I moved to the furysword. My favourite first time strategy, as I hate switching weapons. The only time I have a secondary was for catacombs with a divine scaled claymore. Otherwish the furysword got me through the game.
While this was definitely intended as a noob bait weapon, in the hands of good player it can be very useful in the early levels of the game. After Parrish is generally when one should move on from it