Doesn't it auto-reload on kills instantly? That means you have 5 bursts to take out a single target. Seems reasonable to me.
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I have yet to unlock that feature, but it seems as if you are saying it instantly replenishes your magazine after a kill, I thought that it meant that it will reload the gun for you (go through the reload motion) after each kill?
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That would be more of a hindrance than anything. I don't have it myself, so I can't say for sure, but it seems to me the whole point is an infinite stream of bullets as long as you're killing. That's the only reason I can think of that the perk explicitly states "instantly reloads."