Just played aloha free for all, and got 200 kills in about 20 minutes. (Check the logs or whatever if you want.) Here's a pic: http://imgur.com/NyGDd
Afterwards, I experimented with the gun, and from what I found, it's the only weapon with reduced recoil when crouching, and it has zero kick until you fire 7 shots. What does this mean? The SMG is pretty much a laser beam when crouching and firing in bursts. Now that the rifle has had its accuracy nerfed, in my opinion the SMG is the best gun in the game, because it's definitely adequate at long range, flawless for medium range, and beats the shotgun at close range.
PS; I too was one of the guys who hated ppl who complained about gun balance, but this is actually an issue.