Old-style Hyperion's pistols have higher damage output at the cost of significantly lower accuracy and fire rate than their modern analogs. They also have a limited version of Hyperion's "reverse recoil" when aimed down the sights only.
Possessing the Torgue barrel, Devigorator pistols feature increased damage, at the price of decreased accuracy & increased recoil, as well as slower reload speed & fire rate.
In addition to the Devigorator, a variant of this weapon exists in Borderlands: The Pre-Sequel as the Impact, made by the "new" Hyperion.
The Devigorator is obtained randomly from any suitable loot source.
Devigorators have hexagonal stabilizers attached, which gradually spread open as they fire. This feature is common for E-tech weapons introduced in Borderlands 2. However, unlike the E-tech pistols, stabilizers' interiors do not glow and the Devigorators are capable of scoring critical hits.