It will beat autopiloted ACs, but will lose to Tagers treating Hotaru like a DP and ACing late, hence "it can be baited if you do it a lot." I should have instead worded that as being predictable about using it.
http://www.dustloop.com/forums/showthread.php?7825-Iron-Tager-vs.-Hakumen-(CS)&p=771963&viewfull=1#post771963 From here.