Effect is -40% max population per show. So it's 40%, 80%, and 100% with 3rd shot!
yup, which makes it quite nasty against pop rich planets like terran, desert or ice. I'd prefer to nuke the enemy hw, because that's usually where most of the income is settled and the hw upgrade is quite expensive to get, but with only one I'm not sure you can do it fast enough. certainly not with 2 or shots, but several once they are ready might not give the hw infrastructure the time to regerate. in any case, if I only have one, I'd prefer to switch around targets and work primarily with the pop penalty effect.
still, while the upgrade is good, it kind of makes the weapon fulfill two functions: 1) do I want to kill the planet or 2) do I want to hurt medium turn income? possibly, as someone pointed out, 3) assault support for attacks. hm, but come to think of it, the vasari new effect is also an alternative, because the front line planets that are the target of its primary effect are reachable anyway and won't have much use for the node anyway.