The Laser Lance's use is minimal. It is found very close to the end of the game, shortly before the final boss battle, and the player has access to the Bazooka at this point with plenty of ammo for it. If the player truly needs a spear-type weapon, the Lance is acceptable, as the Laser Lance's power is not that much greater and the Lance is probably at a higher level than the Laser Lance already, whereas the player would have to go out of their way to level up the Laser Lance.
The Laser Lance's level 2 attack is to throw it forward slowly, striking the first enemy it hits. The spear will lose altitude when thrown horizontally. Its level 3 attack has the Hero wind up before throwing it, resulting in a longer lag before releasing the attack, but a faster-moving projectile with higher power and the ability to strike multiple targets.