Not really hey. I got quite a few kills before 1,2 with the support weapons. I was also counter sniping snipers with the PKM before the patch.
You just had to know how to use them. It actually took me quite some time to adjust to the "upgraded" guns.
While they are much much easier to use now I was generally running 4/5 kills per death. Now it's closer to 15/20. But in the right hands the Support weapons were always good. Espceially if you used them to supress an area. In tight corners like Karkand they were mean bullethoses. In more open maps they were used to hose down the squads of badguys while the other team mates cleaned up.
Now you can do your own cleaning up.
They ARE over balanced. But this is how a belt fed machinegun should be.
There are IMHO too many of them on the map. They should be in their current configuration, but limited numbers. As this isn't possible, well leave them how they are.
I must say I enjoy BF2 more since there are plenty of people with belt fed guns instead of instagib grenade launchers.
If you know what you are doing you can counter the PKM with just about any gun in the game. But the PKM is the best overall weapon.