But again if you're just going to smash low toughness targets you really don't need either, you could rock the base scything talons and toxin sacks for much cheaper and go H.A.M.
So speaking in generalities, toughness 1-2 its a wash and nobody cares because targets with toughness that low are hard to come by anyways.
Toughness 3 its a wash for the tyrant and the obliterax is better for primes due to all wounds causing instant death.
Toughness 4 is also a wash for tyrants, For Primes the Obliterax is better (both get rerolls, Obliterax wounds on 2+ as opposed to 3+ for BS/LW/TS). If you're smashing against toughness 4 with the tyrant then you wasted any points you put into weapons anyways, but ultimately you come out with a smaller volume of wounds with all those wounds causing instant death. Probably worth it if you're dueling a space marine captain or something.
Toughness 5 the obliterax is better for both tyrants and primes. Tyrants will wound on 2+ with rerolls as opposed to wounding on 3+ with rerolls, Primes will wound on 3+ with rerolls as opposed to 4+ with rerolls.
toughness 6 the obliterax is better for both again. The tyrant wounds on 3+ instead of 4+ and the prime wounds on 4+ with rerolls as opposed to 4+ without rerolls.
And so on and so forth. When smashing toughness 4 to 5 targets with the tyrant you trade wound volume for guaranteed instant death. Good for dueling characters and swatting multi-wound models, not so good for churning through single wound units.
So for primes the Obliterax is pretty nice. Since they don't have the option to smash they can make much better use of the instant death causing 6s as well. Its main weakness being that it's only AP3, but I believe you can combine it with rending talons if you want for slightly uber instant death rending goodness. Hell you can even throw toxin sacks on top of the whole enchilada if you feel like manning up to a Wraithknight for some reason.
For Tyrants its a bit more wishy washy. Yes the Obliterax is better if you don't smash in almost all circumstances, but why wouldn't you smash? Most targets of import are toughness 5 or less with the exception of wraith lords and knights and some tyranid MCs. What it really does it put a credible one turn kill of any opposing MC into your hands. If you don't plan on facing high toughness (6 or more) targets, then its still a little better at wading through infantry than BS/LW/TS, but against the targets that count you're still better off smashing to guarantee all wounds are instant death, in which case Lash whips and toxin sacks win because they give you rerolls and improved initiative for 15 points cheaper.
Notice that I didn't say that the Obliterax is functionally worse in any situation, just that in certain situations it performs identically for more points. If you think you'll be in those situations more often than not then they won't be worth it.