There seems to be a huge focus on melee weapons since this update.
Chances are though that i'll still use the spade. 2 hits kill most players. Plus, the chances are if you've expunged that much ammo to warrant using your spade you'll only need 1. Additionally to the fact that expunging said excessive amount of ammunition into your enemies, usaully grants you a heavy crit chance due to the high damage dealt. Additionally additionally, soldiers and heavies are number 1 spot for being healed by medics due to their over heal advantage. Public play may lack considerable team cooperation, but it certainly doesn't lack basic medic play.
Being as slow as the soldier is, if he equipped his "equaliser", that would be cause enough for me to wip out my crappy secondary and plug a couple 9mm into him as i kite him.
I might find it interesting to use, but i doubt i'd ever relinquish my trusty entrenching tool.