The sway over all is good when standing still. There should be perhaps a little when resting a weapon on a ledge or wall or what have you; I know from first hand experiance that they do move a fair bit just from breathing and what not. When movinging the sway seems a bout right, maybe a little less than it should be; a rifle, even as long as they were back then, is fairly easy to keep under control even while walking and you would have little to no problem with a shorted SMG. After sprinting the weapon should move a fair ammount, heavy breathing and all.
The simple fact is that these weapons aren't all that heavy: The Kar98 only weigs about 8 lbs, 3ish kilos. The modern M16A4 is about as heavy as that and it is very easy to hold on target once you get the hang of it. The explanation of the long shot being easly made in the game have little to do with rifle sway or zoom. In my opinion it comes down to missing bulet mechanincs. As far as I can tell the minute of angle isn't factored into the bullet trajectories. To break it down for those that don't know the minute of angle is the balistic error of a bulet after it is fired and can be calculated for any bulet fire from any weapon based on a number of chericteristcs. For example a 5.56mm round fired out of an M16 serise rifle will any were with in a 1m diamiter of the point of aim at 300m; basicaly you can aim dead center on a man's chest, adjusting for bulet drop will put the point of aim about his coller bone though, and the bulet may well miss him entierly even if you do everything right. This circle gets smaller the closer you are to the beral of the gun and wider the further you get from it; effectively creating a cone. As I understand things this cone isn't in the game, at least not as signifigantly as it should be at longer ranges.
This is why all those sniper's shots are from closer range than in game, at the game ranges the chance to miss goes up fairly sharply and they didn't want to risk a shot if it was unlikely to hit.
As for the zoom effect making it easyer to see targets at range. It simply dosen't. I have shot with iorn sights a lot, and at man sized and shaped targets. What you see in game is a lot like what you see down range. You can even range your shots by sight if you have an eye trained for distance based soley off of how big the target is. My eye is trained for a rugh estamate and I have yet to be far enuf off on my guess that it would cause to over or under shoot the target.