The notion of High Risk/High Reward is very much a special weapon characteristic. The sniper rifle has almost no use at close range, the shotgun has next to no range and the fusion rifle has a delay/charge time for every shot. Why not make a gun with limited clip size that specializes in headshots into a special weapon instead of a primary weapon? IMO it'll encourage people to actually use it.
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I would like the hand cannon in the special weapon slot. I would use it as more as a secondary side-arm, though. I would switch to it when I ran out of rounds in my scout rifle so I could keep putting down enemies and not have to stop to reload. This isn't really the point of the special weapon, I know, but the hand cannon just isn't as versatile as the other primaries. There's no reason for me to use it over the scout/pulse/auto rifle.