It actually works really well, you can do short range sniping when you use slugs: http://plays.tv/video/56f95d5033e5d357c2/shotgun-is-still-op-?from=user
Reminds me of the time I sniped a C4 out of a light assaults hands from 130 meters. Needless to say he was just so amazed he wasn't even mad.
Some guy ran at a group of my teamates and blew them all up along with him by doing that. ALLAHU AHKBAR!