The last word's exotic perk does more headshot damage when firing from the hip.
Problem is, it's nearly impossible to get a headshot while hip firing outside of shotgun distance.
This is a question for experience tlw users.
Do you aim down sights most of the time, or do you hip fire?
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My only complaint with TLW is sometimes it's animation, although cool, ends up getting me killed in battle. It'd be cool if they at least made that an optional animation.