Chris Roberts while at PAX East said later this month or shortly after - 2/3 weeks the FPS module will be live!
I am on mobile so can't view any new footage if there is some. But from the original stage demo I think they should have reduced the bullet spray or make red dots a quick and easy mod as the existing iron sights were so chunky it was hard to account for recoil as the weapon took up too much of the screen and blocked things. I don't mind it being difficult to master aiming. But it shouldn't be too hard to keep your eye on the target.
I have had a quick look through the video skipping to parts I wanted to see. PS2 doesn't have as much gun recoil mechanics as SC looks to have. But I will try to play some ps2 weekly if I can anyway regardless of SC. I still don't like the aiming system, the sights look too difficult to focus on. It looks like the character is too low down on the gun so they are not properly level with the sights. They seem to be focusing more on the back of it than actually aiming as the sights seem very hard to focus on like I said. A red dot attachment should raise the head above the back of the gun and allow the user to better focus on aiming. As the system stands looks to me like players will just stick to hipfiring unless the accuracy penalty is huge. Looks like aiming is a waste of time for a moving target and will just slow you down in pvp causing you to lose duels to the guy spamming hip fire rather than focusing on accurate shooting. That's my impression from the video posted.