For pubs the nerf might be ok. Moving like a electroshocked monkey is hammering on your keyboard could get you out alive.
But essentially it got nerfed into oblivion. The equalizer split was good, it removed the option to just go beserk and wreck everything while on 10 HP but this...
Just take a look at it:
High HP:
- can't get healed
->inferior to every other weapon
Low HP before the nerf:
+ move faster
- can't get healed
(-) fast = "SHOOT ME" sign
->if you're close, you're dead, otherwise you might get away
Low HP after the nerf:
+ move faster
- can't get healed
- VISIBLE "SHOOT ME" SIGN
- mini-crits
- mini-crits 1 second after you switched weapons
->you're dead, mini-crits from across the map will kill you
There's only one situation where rocketjumping or the disciplinary action wouldn't do the same/better: You're alone, around a corner, everyone is far away so no one can kill you, no one can heal you, you can't use the whip and you don't have enough HP left to jump.
That doesn't even happen in comp (unless you get yourself down to 10 hp after spawning). Apart from rollouts it's useless.