Assuming everything is reverted to pre-nerf
The nerfs:
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Phantom’s Katana now does 80 damage on secondary fire and and 55 on primary fire. By comparison, it is for all intents and purposes the same as the Cricket Bat. However, the alt-fire now actually physically lunges you forward a small distance. This nullifies the most overpowered part about Phantom, the extremely broken right click laser beam. It also gives him some way to bridge gaps with faster moving enemies and makes him more unique in a way. Note, the distance is small (not some Demoknight bullcrap). You CANNOT turn while lunging. It is also a fast lunge.
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Phantom’s shield only blocks explosive damage. Helps wade into heavily contested areas to pick an enemy amongst Nader nades, but does not promote being stupid around Rhinos or other enemies.
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Chopper is removed from Phantom’s perks. It is replaced with literally any perk except Lock-On. Let Fletcher keep it.
The buffs:
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Phantom passively gains +50% melee damage from the back. This is to promote usage of other melees, and it also helps reduce the amounts of “let me bum-rush enemies from the front and swing for the fences”. Played smartly, a good Phantom can sneak around the back and devastate unaware enemies even more than now. Played stupidly, a Phantom will quickly be destroyed.
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If Phantom stays still, he is fully invisible and his cloak drains slower. If he gets damaged, it flickers back to normal.
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Phantom’s sounds when cloaked at any moment are no longer directional. It is a faint white-noise sound that seems to come from all directions. To compensate, it is a tad louder. You’ll know there’s a Phantom nearby, but you don’t quite know where…
These are all tentative (the back stab rule might need some passive nerf for frontal melee damage), but I think he really needs a better balancing act.