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more than meets the eye
I call him a harasser because he dies so damn easily. To have any chance of surviving a moderate encounter you have to be able to absorb three or four hits. If you use a pure damage build with pantheon he can often be taken down by two or three shots before he's able to return a significant amount of damage.
This is where the atma item comes in. The mobafire stats don't represent the endgame attack damage produced by this build. It's well over 300 damage. The extra health allows him to live long enough to both turn the tide of a battle by stunning or using his Grand Skyfall ability and then committing enough damage to kill one opponent before dying. Even with Aegis Protection and Flash it's unlikely he'll survive most fights.
Therefore, it's best to wait until other teammates have committed to a fight before committing yourself. Until that time just harass the enemy. Pantheon can do significant damage and with ignite he can solo someone. Your opponents should know this as well. If they do they won't engage you until it's uneven odds or there's a tank involved who can keep Pantheon pinned down.
As the title suggests though, this Pantheon build is fairly deceptive. Most people consider Pantheon to be "squishy". When you don't go down after the first volley they'll have to adjust how they fight you and it's likely you'll get a kill or two just from the surprise.