1 headshot kill (with lots of boosters, and wrong armour), somewhat overlapping with many sniper options, but it's always good to carry a ricochet weapon!
The "delay" on it, as mentioned earlier, is for when you switch to it, ie on the first shot. (How 3cat spammers ruin the game for everyone). It can be a bit annoying, but unless you switch weapons with every shot it is manageable and you get used to it. I think it is about the same time as between shots.
There's also a sound telling you when it is ready to fire, and it beeps during reload and tells you when it's done, which is a nice feature!