Weapon gizmos charged with perks can be used to enhance the weapon's abilities. As a two-handed item, the Augmented Bandos godsword can hold 2 gizmos, allowing up to 4 perks (2 perks each).
Using this weapon in combat can gain experience to increase its level. Levelling the weapon will have no effect on its ability in combat, but it will improve the experience and materials gained for disassembling it.
It can be converted to its passive variant by using it with the appropriate altar, just like the non-augmented variant.
The Augmented Bandos godsword uses charges stored in the universal charge pack. When the charge pack runs out of charges, the item loses stats and gizmo effects, and can also no longer gain any equipment experience. Function will resume when the pack is recharged with divine charges.
Your current drain rate for a tier 75 two-handed weapon is given by the following table. It depends on your current reduction researched, the item level, and Efficient/Enhanced Efficient perk presence.