[PPSH details]
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Okay, now try PPSH cons vs StG44 volks by running into them at 0-10 and watch how the latter get vaporised up close. Or vet III against vet II LMG Obers and watch them go to the last man. You only get 3(?) PPSHs as opposed to 5 MP40s for the units you described. Their midrange is still workable while MP40 users might as well be eating Bratwurst for all the dps they'll do at that range.
Anyway, there's a long list of things that are more of an issue than PPSH cons.
EDIT:
its less of a grenade doge utility more of a grenade eat utility...
Absolutely correct. The Guard equivalent is also a grenade magnet. *Begins tossing Infiltration Nades*