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So I had my first meteorite land, not a huge distance from my home which was lucky. I got a friend to mine it all for me as I don't have a strong enough pick axe currently. In all I got some 75 bars (after giving my friend a few to say thanks) which in theory should allow me to build a complete armour set.

The question is, why bother? Looking at the wiki for it, it's a bit rubbish. In terms of defence it's the same as my current silver set, worse in fact with the bonus silver gives you for a complete set. I appreciate there is a magic attack bonus but as far as I know I don't have any magic things yet.

I might have done it if the armour provided a light source while I tunnelled but apparently this has been taken out? So no point doing that. Would I be better off making something else with it?

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Doesn't it just give you basically free bullets with one specific gun? (I kind of forgot most, and never made it myself either, so that's not helping too). You can always make a lightsaber/whatever-they-are-called from it if you have some gems. Or make meteor bullets if you like using a gun, but bullets tend to run out and swords don't. I suggest at least 1 sword for later(the upgraded version is quite usefull IIRC) –  Arperum Jun 27 '13 at 8:55
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@Arperum - Yepp, the Space Gun doesn't need any mana, if you wear the full set. –  5pike Jun 27 '13 at 9:10
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Its pretty much just for using the space gun, which Meteor Armor makes cost 0 mana to shoot, plus as it counts as a magic attack the +15% magic attack bonus also applies.

Like you say, the defense it provides is fairly low - if you are using Silver Armor then I'd say that loosing 3 defense might be worth it for the space gun (never used it myself so I'm not sure how good it is), however either way you will probably be getting the Shadow Armor fairly soon which offers a lot more defense, so you won't be wearing it for long.

Personally I'd make a Phaseblade, and possibly some Meteor Shot first, and then make the armor if you have any left over - Meteorite Ore is fairly abundant and isn't really used for that much stuff, so sooner or later you will have enough to make some eventually anyway.

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I've got it into my head Meteorite is very rare, is that not the case so much? I guess you get quite a lot when a meteorite does strike, but I wasn't sure how many meteorites I'll ever get (given there's a finite amount of Shadow Orbs to smash and a 2% random chance is incredibly low). It does seem a phase blade might be a better use, what about one of these hamaxe things as well? –  Chris Nicholson Jun 27 '13 at 10:35
    
@ChrisNicholson After 2-3 Meteorite strikes I had enough to build everything including an entire set of Armor (I only made one of the Phaseblades though). I guess you could get unlucky with where they land so you don't get very many blocks but if you are worried about it you can be careful to destroy only 1 shadow orb per day (50% chance of spawning a Meteor the next night) and you should end up with loads. –  Justin Jun 27 '13 at 10:42
    
Ah sounds like it's not so rare then, I guess I could always open a new world for more meteorites as well. Think I'll create a phase blade and space gun and grab some armour later, I like the idea of rapid fire/unlimited ammo! –  Chris Nicholson Jun 27 '13 at 10:48
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You can shoot the space gun limitless and it does 2 extra damage for a total of 19 damage which is quite good. Since you say you are not using that much mana items it might not be for you (silver has 3 more armor then meteor) but once you do need plenty of mana it's 2nd best with the jungle armor in front. In total you need 105 bars for the armor set and the gun.

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Don't bother with it, use what you need and sell the rest. It would be made into useful. But that is what I would do.

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If you get a bit more Meteorite Ore, you can build yourself a Space Gun, which is a rapid-fire gun that does moderate-to-low damage but requires only magic to shoot.

It's a decent pick against certain bosses, though there's definitely more powerful options out there. Especially if you have enough money for a minishark and some bullets (not to mention building a Star Canon).

Is it useless though? Hardly. There are more magical weapons in Terraria than just the Space Gun after all. Demon Scythe, for one, is a very useful spell you can get from Hell. The Aqua Scepter and Magic Missile from the dungeon have their own uses for sure. That Orb of Light is somewhat handy in certain cases, if you feel like you need a constant nearby light source. And I found myself using Vilethorn a LOT against bosses, due to its ability to linger and cause multi-hit damage, to say nothing of the new Crimson magic spell (which doesn't take up much magic to use, so YMMV).

Still, your mana will regenerate on its own regardless of whether or not you wear Meteor Armor, and the added speed at which it increases can only really be useful for a magic-heavy armament. While it CAN be used in that way, you may be better off saving your meteor ore for Shots.

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= You just repeated what has already been said. –  Ramhound Oct 15 '13 at 14:00
    
I also recommended a few weapons he could use with the meteorite armor to make some use out of it. Which hadn't been suggested yet. It may not be the best way to use it, but it is at least one way to make it work. –  Zibbobz Oct 15 '13 at 14:02
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