I was a bit skeptical about the updates Bungie did to the Fabian Strategy, Adding some ammo on a kill didn't seem like a powerful enough change to allow the Titan specific exotic to keep up with the Ace of Spades or Talolock.

In the Crucible it probably doesn't. Not entirely anyway. From what little I've played with it it does seem to be improved. Just a bit easier to actually kill with when at both its supported ranges.

In PvE, the Fabian Strategy actually shines pretty bright. Verses normal enemies you can clear an entire room and actually end up with more ammo than you started with. It seems to give back somewhere under 10 rounds back per kill so as long as you're being just a bit efficient you'll hardly ever run out of ammo. This is a massive improvement over getting two or at most three kills then watching and the Scout Rifle and Hand Cannon users continued to get 10+ more headshot kills while you reloaded.

Here's a short video demonstrating the updgraded version of Fabian Strategy in action. Typically I would have had to reload twice to clear this area.

http://xboxdvr.com/gamer/Ragashingo/video/21436228