The hand canon could use a little tweak. I love the idea of being dirty harry and just blowing dregs away, but instead of asking them if they feel lucky it's more like if I feel lucky. It just can't compete with the rifles.
It just doesn't belong in the primary slot. Put it in the special weapon slot and buff its damage. Its a skill weapon with a low amo count, and it a good medium range weapon between the shotgun and sniper. It belongs there and them maybe it can get the love and respect it deserves. =)
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With the weapon system as it is, I do think the hand cannon should be a special. It just can't contend with the other primaries (especially the Auto Rifles). I think Bungie shot themselves in the foot with the 3 weapon system anyway though. I'm really not a fan. It kind of limits the types of weapons that we can get. It leaves no room for lower caliber side arms for instance. Where would they fit? They wouldn't with the way the system is and it's why they were left out.