I suppose there may be a difference in pve vs. pvp but having a maxed vr14 werewolf and trying it in pvp, I have been nothing but disappointed.

Theoretically, yes you could spam hircines bounty but to what end?

The ultimate is costly and takes time to build up.
The ultimate is buggy in lag and half the time misfires resulting in loss of ultimate and no transformation.
All the ultimate you gain while transformed is lost.
The timer is too short and you can't devour quick enough to sustain the transformation for any real length of time.

You gain some burst dps but most any class builds can dps better when not transformed. You can boost your damage by casting rally before you transform but you will loose damage as werewolf damage abilities scale from stamina and I imagine your stamina pool will be low. Not to mention the stamina abilities are very costly so you may have to resort to mostly light attack spam.

Heals aren't enough between the cc and poison damage you take in pvp to keep you alive and you lose access to any other skills, escapes/shields ect.

As I see it, werewolf is only viable for the stamina regen passive, the ultimate gain in pve tanking, or perhaps for the group synergy in pvp if you run with an organized group.

It is extremely fun, just not practical imho nor is it worth building an entire character around such a sporadic and unreliable ability. Believe me when I say, I wish it was otherwise.