Yes, it's a regular weapon now! No, it's not as strong as before. In The Conduit, this was one of the 3 "prototype" weapons (along with the Deatomizer Mk9 and Striker) and its MO was OSOK everything. The guys at HVS had to nerf their magnum to make it usable in Conduit 2, and they did. The damage is lower, obviously, and it has a controlled RoF because of the kick. The magazine is shorter by 1, but you can carry more shots. I'm not convinced of the total amount you can carry yet, as the general theme is 7 extra clips-worth, and the videos only show 2 (7/14 instead of 7/49).
Surely there's no problem with them putting me in Brawl, right? It's ****ing satire, damnit. My quote rocks your socks.