Why the razorback isn't useless.
It seems VALVe is catering to a more mid-range, in the thick of it all, combat sniper with this update.
The Huntsman is midrange, Jarate is a utility weapon, and the Razorback is protection against your natural enemy.
But the Razorback seems utterly useless.
If you're lining up a shot from a roost on 2fort or Granary, he can just shoot you, no problem. The lowered speed and lack of another weapon is also a problem. If you're playing backline sniper, that is.
Imagine you're in a group with the Huntsman and the Razorback. You're mid-ranging and helping your team get kills by sticking around them rather than hanging out on a roof somewhere. The spy sees you with your razorback. He's not going to shoot you, that'd be stupid (no guaranteed kill and he'd be revealed), and he sure can't backstab you, because then he'd be revealed and unable to stab again, still without the assurance of a kill. Also, in the heat of things, the spy might try to go on a stabbing spree and land one on you without thinking. Bam, volts to the brain and a hot knife. Seems like a pretty useful item in a situation like this.
And yes, I realize that the razorback really doesn't do much if you play backline, and that you'd be better off without it, I won't dispute that point as I agree with it.
If you play in combat with the midrange weapons, then the razorback is actually feasible. Like the other updates, they're allowing for multiple play styles. Hell, this would even make snipers useful for indoor maps, where sniping is dreadful (at least for me).
I, personally, might get some use out of this thing in combo with the Huntsman.
Lastly: this is all speculation, the razorback might do far more than just a backstab shield, I'm going based on the idea that all it does is protect from backstabbing.