Phantom’s stealth has a basic problem: either it is strong enough to let him consistently open people at point blank (which is really unfun) or it is weak enough that he is consistently spotted out of stealth (which is really unfun).
A huge problem with the old Phantom was that you were always depending on an enemies poor vision in order to have Phantom be useful. A huge problem with the new Phantom is that you are always depending on your own excellent vision in order to not become instant sushi.
So I suggest the following: make Phantom’s cloak invisibility much stronger at range, and much weaker at close. You want to hit a balance point where sprinting forward with invis to Katana someone is a bad tactic, but where a cloaked Phantom can rely on his cloak as a repositioning tool without getting popped out of stealth at AR range by any experienced player. This allows Phantom control over whether he gets spotted, which is important to the character not feeling weak and frustrating, while much weakening his ability to pull off quick/instant CQB kills from stealth.
In practice I’m thinking something like:
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Phantom’s cloak effect past 20 meters stays the same as live.
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Phantom’s cloak effect under 20 meters gradually increases, especially when he is running.
I don’t know variable cloak effects by range is technically viable. But if it is, this seems more practicable than hitting a satisfying balance point with the current stealth mechanics. Then increase the EPM radius.