The shotty slug shells are great for long-distance shots, especially since that used to be the magnum's job to pick off guys on the other side of the map, but that got ruined by the new muzzle-rise effects.
Also, once you get the Dragon's Breath shell upgrade, it's more trouble than it's worth (rather like those things are in real life, from what I hear). Since you're in tight corridors most of the game, you have to pause for several seconds to wait for the fires to go out every time you fire it, since you take damage if you walk through them.
Also, they really increased the firing speed if you keep it shouldered and use the sights. Quite the powerhouse, without blowing through your ammo in moments like the auto shotgun.
Version 3 adds the demonic Quad Shotgun which looks really cool, and you can fire all 4 barrels at once, fire two at a time twice or 1 at a time 4 times without reloading.
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