Grenade launchers in BC2 now are just hitpoints softeners/ emplacement and building destoyers which I think the way they are intended to be in BC. Anyone trying to use them as a "main weapon" are in for a disappointment. I think after the patches Dice has found the sweet spot.
I disagree. If I see someone before they see me, I have 50% chance to kill them outright with my 40mm, because I can drop it on them while they're on the move. A near miss is HP softening, double tap with your rifle and they're dead. Like I said, I don't even use extra explosions anymore, because I don't really need them.
When I STARTED, the 40mm felt underpowered, because I tried to use it like BF2's 40mm....dropping it at their feet. That doesn't work in BC2, the default splash damage is tiny and craptacular. It is, however, far easier to score a direct hit with a 40mm grenade in BC2 than it ever was in BF2.
To me the 40mm is easily a primary weapon. I like to do something I call "psychological warfare" and just camp behind a hill near a control point and shoot 40mms into the point until I start seeing hit indicators. It's cheesy as hell, and of course you will piss someone off that will come looking for you....but lots of times I've sat there for 5 to 10 minutes just basically doing mortar barrages ala 40mm grenades.
SAIGAs and USAS-12 are the ones that really get me. It's basically impossible not to kill with those things at med/close range if you aim at the collar bone or higher.
Tbh in my opinion the only imba weapon in BC2 is the Mg36, which does lots of damage and really accurate, as a result most of the medic population is using it. Its nearly as bad as M60.
I think the Gustav is still fairly OP. It's so accurate, will kill people on teh other side of walls with high explosives, and you can carry up to 8 of them. Half of my kills when playing Engineer come from me going "I bet there is some hiding in that corner of the building.....SWOOSH....BOOM.....Yep.

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I'm more effective with a Gustav than a Sniper rifle. I've kind of been waiting for a big nerf to Gustav damage, but it's never come.
The MGs only really seem OP during a frontal attack, or when someone snipes you with the MG36 from the entire map away.