The idea was to create a viable alternative without overpowering the guns or obsoleting bows/crossbows. Your rules, Gaurd Juris, seem to REPLACE bows/crossbows, or at least do it very effectively. Remember, any feats that exist for ranged combat apply here as well, as would many prestige classes (unless your DM is a ****, which sucks).
I'll admit to kinda wanting to see someone dual-wield revolvers. There'd be a penalty, but it's be pretty neato. Also, the New York Reload (drop the pistol, pull a new one, keep shooting) is totally possible here thanks to Quick Draw, which is awesome.