Isn't there guaranteed crit with a long distance targe charge? In any case, I agree that there is no real "drawback" to the equalizer. It doesn't even have a reduced attack speed, does it? Looking at the KGB I think that would be enough to "balance" it. I mean, the fact that it's most effective at low health is an interesting angle, but I don't think it would be used when a soldier has full health anyway. Who regularly pulls out a shovel in the middle of a ranged duel? It does the same damage as the shovel after one rocket jump and adds an advantage to most situations where the shovel would have been used anyway.

Again, this is how I feel so far. I haven't had the chance to use either myself.