It has however, gained new perks ever since the introduction of MORSE, with those who already have it gaining free perks!
To use, simply hold the item and then talk using the Roblox chat, once you entered your message it will automatically shout to all servers except those who have !shouts turned off. It also has a 30 second cooldown, with it being partially noticeable by the transparency of the megaphone.
The shout message will be around the same size as a normal message would.