It wouldn't compare to a full 303 sequencer. Its an accident the thing even outputs MIDI, so not all the controls output correctly. For example, activating the Slide doesn't output a slide, instead it mutes the step.
The killer things are the length, and the little slider with all the letters, which lets you paste-to-all whatever parameter you like, making it easy to add accent to everything, change the length of everything, and octave. Also the - and + transposition controls are very handy.
Ive got Axis Mundi's Scale device rack in between my bass and the sequencer too which makes changing the key and scale/mode super easy, and sometimes just messing with those make the bassline sound more complex, almost like its intentional
The drawback of Venom as a sequencer is it only has 16 steps. But if you want to say add a dooDOODOO on the end of 8 bars you can make an 8 bar clip and enter a 7-bar-long MIDI note corresponding to the straight bassline with a single bar of another note at the end with the dooDOODOO in the Venom pattern. Pretty much the same sort of technique you would use to do the same thing in ReBirth