Take Hard Cover to reduce Recoil!
In general, there is no need for an other SMG no (except you don't wanna care for Ammo and you have a high level Collector SMG).
I don't believe PS3 has the same issue with shockwave as PC.
Everything is fine with Shockwave an PS3. 
Btw.: this is the first no Warp Adept I have seen. 
Yes. Also less ammo and lower damage, but with more weight. With the really good weapons one notices the ammo limitation most - by which I mean that a Claymore I or BW I still kill things pretty well - but it makes a huge difference with the middle-tier weapons like Tempest and Phaeston (for example) or with those that have a lot of intrinsic recoil, like the Hurricane and Typhoon.
Nooooooooo, don't say that! Still have a Hurricane 1 and now I hate this stupid store even more. 
I've never heard / read that the weapon level effect more than Damage / Clip / Magazine / Weight. Are you sure?