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It's terrible. Not because of its rules per se, but because of the Relic rule, which states that you may never have more Relic units than non-Relic units in a single detachment. The Relic Spartan is a Lord of War with this rule. In practice, this means you need a detachment which can take 2+ Lords of War, which would be the Super-Heavy Detachment, and in that case you would have to take at least two non-relic LoW with the Spartan.
The only non-Relic LoW with the Space Marine faction are the Thunder Hawk, Thunder Hawk Transporter and the Stormbird, for 650, 420 651 points without weapons. It gets a bit cheaper with IG ones such as the Macharius or Gorgon, but you're still looking at an additional 600 points of units just to take the Spartan.
However, if we were to ignore this, the Spartan is still something like 497 points with basic weapons (8 Lascannons, 2 Heavy Bolters). I think it's pretty okay, with somewhat better armament, fewer wounds but better save, somewhat cheaper price and higher transport capacity, when compared to e.g. Baneblades.
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