I used Hard Light in the NF this week, and it was beastly. I used it all through D1. I was on a fireteam in D1 that used Hard Lights to beat King's Fall.
The stability is the trade off for no fall-off. Once you get used to using it, it is a great weapon.
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Same here, but in D2 it has higher recoil than in D1 with aggressive ballistics.