I think it's perfect as is. It's a fun gimmick PVP gun and the rewarding feeling u get when u headshot some1 is like no other feeling in Destiny.
I usually only use it on my last few PVP games for the day (coupled with a FR), and the funny thing is I often have my best game of the day using NLB.
I think when using NLB u accept its just going to be a fun, carefree game. Thus, u r relaxed and often crush with it.
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I'm going to edit you into main post. That was beautifully said