The riptide is a powerful beast on the table but as you mention has to be tailored into a list to fullfill a specific objective.

At the moment, I really like the Ion confuguration as it has the option of both normal shots against flyers or medium AV vehicles, and overcharged against 2+ groups of infantry units. Drop pod assault marines, or teleporting terminators become a significantly less devastating armies with interceptor.
Aditionally the Nova powered overcharged shot can be handy against AV13-14 spam – as appears in some IG lists – The 2d6 when rolling for armour pen as ordinance can be very handy.

However a Cannon configuration is also very good looking – it is a beast and can take loads of damage before it goes down, no need to nova the shots unless necessary – in non-MEq armies it will be awesome. I think I would equip that one with twin fusions, as jet pack infantry I think it will respond well to armour threatening the gunline (our scoring units!).

I am expanding my existing army with a Farsight detatchment, I plan to use 1 in 1850pts, 2 in 2000pt (one FoC tree) games.