I've built it quite a few times in Ranked (Mid-high Plat for most of this year).
It's a decent item situationally. The main reason for getting PD is to make you harder to kite (12% Movespeed near targets). Pairing PD with Triforce makes you fast enough to outrun your target even if you are permaslowed by Rylai's/Mallet (Which is the main reason to use this build). Triforce+PD gives you pretty decent Autoattack DPS too.
The high DPS makes you a decent splitpusher, especially if you can get ahead, but against a lot of comps you'll be too squishy to teamfight properly.
Lately, I've been using a more traditional off-tank build (BC, Sunfire, Dead Man, etc), since it seems like the game is skewing back toward higher damage but lower mobility.
A notable exception is when I play against Nasus. BC/PD + Executioner's Calling will let you duel him throughout the game if you can get even slightly ahead, especially if you use Fervor.
It's important to note that in most games, your burst damage will be lower if you use the PD build, since your E only crits at half-strength. Also, you really miss the CDR you'd get from going Black Cleaver.
TL;DR: It's a decent niche item but don't build it every game.