While I'm going to miss getting 3 free shots for every 3 precision shots I land, I'm not completely upset with this change. It was fun while it lasted, but like others have said, it was definitely more of an exotic level perk. Maybe this perk will return on a new exotic sniper rifle.
Anyway, with that said, I think that we should get one free bullet each time we land three precision shots, in addition to not needing to reload. This would be similar to the Word of Crota's precision mag bonus. We would still run out of ammo, but at least be better rewarded for our precision. Going from getting 3 free bullets to 0 is a little harsh in my opinion. I really hope Bungie sees this and takes this into consideration.