Absolutely not, but when that is the only quality that it has that sets it apart from other high impact snipers, it made it a sought after weapon.
What's the point in having it when the nerf hits? It's got a slow RoF. The instant reload thing isn't a big deal considering there are several perks on myriad pieces of equipment and weapons that speed reload times exponentially.
I've got an LDR that will hold more ammo, has a faster RoF, and Spray and Play. I can fire my entire mag and reload in the time that it takes you to fire your 3 rounds.
So without the unlimited ammo thing, what's the point to Black Hammer?
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You said this better than me. This is exactly the way I feel about it.