I don't think it is. A healing oriented cruiser now has middle of the pack damage chaining two copies of FAW, even running full weapons power.
Sure, you can still get some pretty big output in a properly set up tactical cruiser, but that's what the point of flying a tactical cruiser should be in the first place: increased damage over time at the expense of burst.
There might be a couple of non-balance related issues left, but the actual balance seems good now. In fact, I'm starting to see more and more people returning to spam as a means to assert control.
And this is a reasonable and rational bit of feedback, and I agree with your observations, especially about the gradual return of spam, and I suspect that the two are related. In part, because the Community has been so leery of using even this newest version of FAW, mainly due to the stigma that was placed on the snix-version of the power, but also because many players are still not quite sure that it was changed enough or the right way.
The reduction in up-time greatly reduces the effectiveness of FAW as a spam-suppressor, which may be why it seems like such a 'cheap fix'... I also think that spam-heavy setups are making a comeback because there is hesitation to employ the most effective counter.
Maybe I just have gotten too jaded with the powers that be, and can't see the forest for the trees, so, I will be the first to say I am wrong, if the general consensus is that the power is 'okay' now.