I think the weapon balance in this game is magnificent for 60-90ms pings. That however, is not an average competative ping anymore, even on the internet. It was however a quite "average internet ping" when the current weapon set was esablished in 2k3, and was only very slightly tweaked to 2k4, but not with that aspect in mind.
Again, I re-emphasize: I don't like what the sniper is capable of in my hands either. It's a very easy weapon to frag with, and is almost so efficient, especially in lan scenarios, that when the game get's more competative you are forced to use it to keep up¹. I can whore the SG, and on the right maps fair quite well against it. A lot of it can be blamed on the maps, because some maps, you simply have to out shoot with it (see DM-DE-Grendelkeep). My problem isn't so much facing it though, as it is from both sides of the coin. I don't like useing it, but face the above stated problem¹.
It happened before, and it's bound to happen again. The LtG is one of the coolest sniper weapon concepts I have ever seen, and all things considered, I like it a lot too. Epic has already said it's gone though, otherwise, I might be discussing what things could be done to balance it.
I think though, that balanceing it would be nearly impossible if they plan to take away the SG. Despite it's effectiveness vs every weapon in the game if used properly, the SG's primary use is a hit-scan counter. Since hit-scan can't be dodged, it is the only means of pre-emptive damage prevention you can do. You really, shouldn't need it vs anything projectile, because there remains a possibility to avoid it reactively. With the minigone, and no more LtG, a slowed down Shock Prime, and limited range link shaft as the only hit-scan in the game, a projectile based stinger, and sniper weapon would easily facilitate it's removeal. Then, however they plan to reduce the "hip-hop" will hopefully restore some of the scaling, and various weapons aspects of UT, and make this game as "in your face" as they hope to restore it to be.
I also firmly believe that another "means" of balancing hit-scan in this game were the change of scale and player visibility. Smaller characters, who's colors blended better with backrounds would make them harder targets to trace-point-click. Unfortunately, at competative levels, we have wonderous things called brightskins in comp, and TAM, to destroy those aspects weapon balance. If they make the move back to larger, more visible models, then that will as well be considered when balancing the weapons, and make hit-scan weapons again, in need of "nerfing".
My main point is more or less to illustrate all the factors and concerns when considering weapon balance. You can see how my subject matter can tend to veer off in so many directions, because there is that much to consider, how everything effects and compares to everything else. Hence I try not to worry about little things like how "the next UT won't have that cool lightning weapon", but more try to focus the big picture and how hopfully "UT's weapon balance will improove greatly once again" as it has done so well in the past.