My main concern about hitscan and projectiles is that projectiles are easy to dodge because they move "too slow" from long ranges. Hitscan is cheap and a bit "too fast", but it acts a bit more like a sniper in terms of speed IMO. As for bullet drop, that's awesome. I was never against that. Speed is my main concern.
I think hitscan is cheap, because it requires no skill, no anticipating your enemy's movements, and no stealth. Take this for example: I was on a fort war with .880 rifles, your standard insta-kill hitscan guns. People were using them as snipers,
anti-aircraft guns, and
CQC guns! See, hitscan can easily outstrip anything else out there. If you stepped outside, it was guaranteed you'd die within the next two second if you didn't sprint away.
However, I gotta agree: the bullets are too slow. Maybe speed it up a bit?