Sure there's always a danger when they are trying to balance such a complex system that they could wind up going full circle, but I don't believe that has happend at all.
The decision to have loadouts and kickbacks meant that the game would never be 100% balanced. But they can try to get somewhere close, and I think they are finally nearing that point. Not at it, but getting pretty close.
Well, the FAL was always overpowered. It's just no one used it much during the early blindfire days. Once blindfire was addressed, then people tried it and the community soon learned how overpowered it was. Making it take only one more bullet to kill didn't seem like it would be enough of a nerf, but because of the recoil and the extra bullet it's simlply not as easy to get those super fast kills anymore. It's still a good gun for those who are good with it, but now it takes a bit more effort and that was enough for most people to lose interest in using it.
G-MAL was always a great gun, and it's still a great gun after the "nerf". It's recoil, accuracy, and damage was always fine and still is. But the stopping power was way too much. So they only thing they touched on it with the nerf was it's stopping power. It's still a great gun, and it's still used by lots of people. But now it's more dangerous for you to use it in close quarter battles, as it should be. It's strength is supposed to be mid to long range. If someone gets in close range to you, you should be more at risk of being hipfired down.
I definitely don't think blindfire is anywhere near the overpowerd mess is was early on. The only thing that has recently changed that affects blindfiring is that stopping power was reduced on one gun. That's it. So it's useful in the righ situations, as it should be, but it's not the dominant play style by any means.
Keep in mind, blindifire was address in several ways: Sprint duration was decreased, turning while while sprinting was made a little tougher (not much, just a little), the speed at which you run while hip firing is decreased, the "lock on" angles were decreased, and stopping power was added to all guns. The G-MAL stopping power was crazy high though.
So now with the G-MAL stopping power being more reasonable (but with the stoping power staying the same on all other guns), blindfire has a better chance at being successful against G-MAL users. But because of all the other blindfire changes that haven't been touched, there's no chance of blindfire ever returning to the mess it was. It's just a little more effective now. That's more balanced. A gun that was strong in all ranges (which was only supposed to be strong mid to long range but weak in close range) is now functioning more like it should.
Actually, the only thing I really hear people talking about now in the forums is the M9 with rate of fire mod. But that's nothing new. I personally think it's fine because it is harder to aim. But if they did remove the rate of fire mod on the M9, I think that'd be fine too. Also, the revenge booster is pretty despised (and rightfully so). Revenge could use some nerfing/balancing.
There's always going to be a "best gun", and with the choice to go with loadouts most everyone is always going to have the option of using that best gun. If the best gun is crazy overpowered then you're going to have periods when it dominates the game, like the KAL, FAL, and G-MAL. But if you can get things close to balanced you'll see more variety. Even though one gun may still be "the best" if the others are close enough then people will start using guns that they simply "like more" instead of feeling like they have to use just one to be competitive.
The G-MAL is probably still the best gun in the game. But now it is weaker in close range. The FAL-SS is still a powerful gun (kills in 5 bullets), but it's not super easy to use anymore and is actually pretty bad at long range. The AK-47 has a slower time to kill than most guns, but it has higher bullet damage and stopping power than the M9. With the recent improvements to the AK's accuracy/recoil, it's more competitive. The M9 is a really good all around weapon with good accuracy and rate of fire, but it takes the most bullets to kill compared of the other long guns (besides KAL) and it has low stopping power. The rate of fire mod does allow it to kill really fast (some say too fast), but you lose accuracy at long range with it. Now the pros and cons of the guns are more fleshed out and more people are starting use what they like.
I see more AK-47 being used now. Hardly anyone used it before. Lots of people still use the G-MAL. The FAL has not made a resurgence, but it's still used by those who like it and can handle the recoil. I see a little more KAL blindfiring (generally in the maps with more close quarter combat), but not much. Basically, there's a bit more variety to the weapons being used now.
Same with kickbacks and boosters. Nerfing fleetfoot has lead to more people realizing it's ok to try somethig else. You still see lots of fleetfoot, but now there's more cloaked, scoped in, weapons expert, etc.. being used. I love using cloaked now, it's really a great booster.
Since this game has boosters, kickbacks, and loadouts I don't think it can ever be perfectly balanced. Those factors just create too many variables. But they've been slowly and steadily making balancing improvements since release, and it's been getting better and closer to balanced with each patch.
The return of the LABS should be fun. The first one will be T-bolt and Mag-5 Team Deathmatch!
And Naughty Dog has said that they are at least considering a "classic mode" which would play like Uncharted 2 (with no kickbacks, power plays, or loadouts). Discussions between the community and the delvelopers have brought to their attention that "hardcore" mode doesn't provide what players who'd prefer Uncharted 2 style games want. Not sure if this will realy happen, but it's not just wishful thinking by gamers. Robert Cogburn (lead multiplayer developer) took part in the discussions where he asked if "hardcore wasn't doing it" for the community, and players gave ideas about what they would like to see in a "classic mode". So, who knows? Maybe we'll see it.