The LAW is now virtually impossible to kill yourself with. Its radius is still larger than a launcher grenade's, but its arming distance is now long enough that you essentially can't hurt yourself while using it. However, you are extremely dependent on your team keeping things out of close proximity to you. In a last ditch save yourself moment you can waste a rocket to get a blunt impact headshot on one ZED. This is a monumental waste of money, but in a very specific circumstance it may save you, especially in those moments where a Siren is right in front of your face and you're hauling butt to get away from something behind you.
The LAW gets roughly double damage on headshots for some unknown reason, as do grenades. The best overall strategy for dealing with Fleshpounds is to wait until one walks on a pipe and shoot it in the head while it's raging. 1 pipe + 1 LAW to the head at more than ten meters = instant Fleshpound kill. This same strategy also takes Scrakes to about a quarter HP, but for those you want to let a Sharpshooter deal with it.
At long range the LAW is capable of killing upwards of 15 to 20 ZEDs at a time, most likely a lot more if you pack them up behind a door and then let it break. In fact, one of the more potent (and broken) strategies is to have a Support weld a door until there's a bunch of stuff behind it, then have him unweld it and you fire a rocket, killing everything. Support then re-welds the door and you just keep doing that for the whole game while everyone else finds something else to cover. This is in fact cheaper over long periods than using pipe bombs to do the same job.