I think it's mainly an indicator to certain melee upgrades in the skill tree. As in, a gun with a bayonet may reduce the cool down of your melee... My guess.
Same with armors too, gauntlets with daggers tucked away will more than likely grant melee boosts.
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You are correct. That's how it works. http://destiny.wikia.com/wiki/Monte_Carlo
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Thx for the link. That Monte Carlo is a sweet looking weapon. [spoiler]And I'm on X1, so I can't use it : ([/spoiler]
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Yet, can't use it yet.
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Ha, true.. By then though hopefully I'll have the BFG9000
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Heh, you never know.