Not overpowered, but good. It is great for taking down adds, because a kill basically reloads the gun. Kill-kill-kill-kill just like that.
DO NOT ruin this weapon's PvE capabilities for the sake of your PvP.
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People seem to forget that it's bugged period, PVE or PVP, and it's getting fixed soon. It's a nifty gun that I will keep using, but it's bugged regardless of what you're using it for. PVP is a joke with it right now, though. Especially if you get a group where people can't equip it because of their levels and the other team has four of them. You're getting roasted.