I'd say it takes the back burner if you have ice breaker/black hammer but if you like and use the camo ability, its probably worth it.
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I have all 3...black hammer will be tough on small, quick targets. Larger targets it is great. Ice breaker is a hoss but that recoil is just awful. Awful.
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Damage output makes up for it. I'm a Titan so I'd choose ice breaker over p&t every day of the week. That's my preference though.
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But...I can land more shots on crit in shorter than time than IB, so I make up for the lack on each impact. I believe you can actually do more damage from PT in 6 shots. Where PT loses is no regen ammo. However, Dat invis...so useful.