Err..... Much of that is wrong.
It goes the exact same damage as the standard rocket launcher and black box. The animation makes it seem slower, but it's not.
It does slightly less base damage, but has a higher ramp up, thus roughly equivalent damage.
It's got the same splash as a standard rocket.
The first 'rocket' reload takes slightly longer, but it has 5 shots.
The reduced damage versus sentries is it's weak point - theoretically. The charged shot which disables sentries tends to counter that though. It's other weak side is no random crits - but it's currently broken. It doesn't crit at all, ever - nor does it minicrit on a successful reflect, which is an improvement over the basic rocket launcher.
It doesn't need a massive nerf, but it does need some adjustment. And the animation really needs to be cleaned up to make it's location crystal clear.