It could use some tweaking for faster side to side movement, but moving backwards just as fast as you run forward wouldn't make much sense. It is a little too slow however so perhaps they can tweak it a little.
You make a good point there. Perhaps they should only remove the movement speed penalty and see if that is enough.

Strafing improvements sound like a good addition as well.

but there should also be a strong noise accompanying the effect.
I think I can agree with this, but it may also have a potential side effect of people getting annoyed due to hearing the sound over and over again. They gotta be careful with this one.