Sword of Spirit
Legend
I think you are exactly wrong. The Blade Pact adds some versatility to basic Warlock class, just as the other two pacts do. It's different in that it is combat versatility rather than the increased out of combat versatility given by the other two pacts. The issues raised in this thread are mainly centered around the fact that the Blade Pact does not "re-write" the class. Specifically it does not turn a Warlock into a front-line melee warrior, which is the "problem" that almost every suggestion in this thread is trying to "fix". This also shows in that for the most part the Pact Blade warlock specifically discussed in this thread is the Strength-based Black pact warlock with a Fiendish patron.
If you see the bladelock as intended to be primarily an eldritch blast user, with a backup weapon instead of the features of the other pacts, then sure, it's fine, and more power to ya. I just don't think that's how it comes off, and it's definitely not what anyone I personally know thinks it is supposed to be by looking at it.
It looks like it is intended to turn a warlock into a primarily melee combatant. But the fact of the matter is that its weapon damage is almost always inferior to eldritch blast + Agonizing Blast without heavy optimization* that includes multiclassing, feats, and/or magic items: all things that aren't supposed to be required for balance.
So if you (general you) think you are going to be wielding a rapier and be keeping up with your other warlock buddy using Agonizing Blast, you are just wrong--you aren't.
The thing is, this perennial argument is kind of silly, because the math isn't really arguable. Preference is fine, those of us who know the math just want potential players to realize that you are going to be a less effective melee combatant with bladelock than you would be as a ranged combatant with eldritch blast + Agonizing Blast unless you heavily invest in DM-approved optimization.*
*This is where that nice polearm master build comes in. If you are thinking of going "eldritch glaive" and you are allowed the optional necessary game elements, and you don't mind dumping some stats and heavily investing to get there, then yes, you can be good in melee. (Until you get to level 17, and then hex + Agonizing Blast beats even your might thews.)