I disagree. First of all, it doesn't beat the modded stick. I can get 2 hits with the machete in and then I go down. Secondly, if you get shot while you're swiping, it stops your swing.
Before the patch I could beat the modded stick with a machete/shorty combo, now I can't beat it with the machete at all. The machete has definitely been nerfed and is less effective than before. Anyone who says otherwise doesn't use the machete as a main loadout weapon.
At least the extra hit point compensates for the damage. Now you have to damage your enemy before approaching them with a machete. Before the patch you would simply rely on the machete to down an enemy. I say it was a fair call to nerf the damage of the machete.
EDIT: Here's something I also noticed. Not only was damage compensated with an extra hit point but also swing speed. You can now mash the melee button and your character swings more wildly.
You guys are completely clueless.
The machete now takes 3 attacks, but has way faster attack speed and also staggers the enemy like bullets do. Unlike before, it beats the upgraded 2x4 every time now.