We study the differential decay rate for the rare transition, including a determination of the complete angular distribution, assuming unpolarized baryons. On the basis of a properly chosen parametrization of the various helicity amplitudes, we provide expressions for the angular observables within the Standard Model and a subset of new physics models with chirality-flipped operators. Hadronic effects at low recoil are estimated by combining information from lattice QCD with (improved) form-factor relations in Heavy Quark Effective Theory. Our estimates for large hadronic recoil -- at this stage -- are still rather uncertain because the baryonic input functions are not so well known, and non-factorizable spectator effects have not been worked out systematically so far. Still, our phenomenological analysis of decay asymmetries and angular observables for reveals that this decay mode can provide new and complementary constraints on the Wilson coefficients in radiative and semileptonic transitions compared to the corresponding mesonic modes.