I never use it myself. I go for either the power/speed combo of the Axe or the Power/Firing Speed combo of the Chainsaw. The lightweight/speed combo of the machete just doesn't fit my style. If I'm a berserker, I take myself out of situations where I'd need something as big as a Crossbow or Shotgun. The Bullpup or Handcannons are the biggest secondary weapons I'll take.
And yes, as someone said, the machete gets considerably less-useful on Hard. The machete on Hard is pretty much the Combat Knife on Normal.
Unfortunately, the way things are looking, I see the Machete being completely overshined in all but cost and weight by the Katana...