Isn't that great? Compard to the other weapons for the assault arsenal yes it is that great. It's the fastest firing and up to 40m+ the quickest killing gun. (On par with the KH2002. Although the G3A3 does more damage, kills in less rounds it has a very small magazine.
As for frag rounds, if you play support (read: as much ammo as you want) it's crazy. Add that to the USAS-12 and it's a monster, useless without direct hits? holy hell man do you understand the concept that most guns need direct hits and it has SPLASH DAMAGE? you can kill people in building by shooting the walls infront of them, the roof above them, you can kill people around corners by shooting the base of it.
As well as it being a projectile that explodes, unlike buckshot, you have a lot of range if you're able to compute bullet drop into your thought process, taken out many people/snipers by just aiming a little above, you just need to hit near them and BAOWAM! Splosion's.
Also, frags have an enhanced supression effect (++++points/helping team out) tied with the squad perk, it's nasty. Learn to use it as that, a supression weapon, don't always concentrate on your kills/kd/etc.
Laying down fire by holding down mouse 1 is a tactic, it keeps peoples screens blurry, stops them advancing at times and giving the rest of your team (which many people forget you're playing with) the chance to do something.