It is meant to give you a good fighting chance, and to say you shouldn't be going down is rubbish. Melee spec'd zero is a very fragile setup, uvhm can take me out faster than a Bugatti Veyron.
If your gun spec'd (which the majority are) then at least you have decent chance to kill... since I'm playing a melee character I have pretty poor range attack options to get out of FFYL = need to melee. There may be a suitable rocket launcher, but as yet the ones I've found seem to be pretty ineffective in uvhm.
Generally ffyl seems fine, its just gets annoying when mobs you would expect to melee run away and use range/hide when you are taking your dying breath...
Thats why you use Law n Order. If you're going down to Rabid Stalkers you'd struggle to kill them regardless given how much hp and shields they have.