Not really, it just changes how it operates. The damage may be lower and the minimum damage may lower with select fire, but it makes it more viable for close range where strafing can suck for burst guns.
I use it for lower medium/close range and burst for longer ranges. I think the firerate it has makes it pretty good at out hipfiring smgs/shotguns. Granted the hipfire range for it is still relatively close to the player. --- GT: Boomer and Tank Pretty darn confident..... I don't want to have to wait till the Microendony XBOXS 4ii comes out another 15 years later....