The equalizer is hilarious and a useful tool, but not overpowered.

Nine times out of ten, every time a soldier has come charging at me with that thing, regardless of whether or not he has low health, I explode his face. The eyelander is far more dangerous because of its longer range, its ability to make a demo tougher than a soldier while moving at scout speed, and its ability to be coupled with the targe for massive damage reduction.

Seriously. I just picked up the eyelander tonight and every time a pyro came after me, I just meleed him and took his head. Zero pyro deaths, save for one time I was low health and a stray shotgun blast hit me. Using the targe/eyelander, the only classes that posed any kind of real threat were scouts and snipers. Heavies are too slow to be dangerous when you're running around at 500mph.

The equalizer is not imbalanced; honestly, any soldier that's charging you with it is probably going to die, and if he doesn't and manages to hit you, so what, he's suicided into you as your teammates take him down.

The only thing one might complain about is the fact that there's no real reason to use the shovel anymore; but if we're complaining about that, why not complain about there not being anyone using the normal bonesaw over the ubersaw?

tl;dr equalizer isn't overpowered