In bfbc2 i've seen recon addicts memorize the exact point of impact from hip firing all the sniper rifles allowing them to basically use the rifle like a shotgun blast and if that didn't kill you instantly at point blank they'd switch to their pistol and start shooting.
For those of you FPS vets, back in gold source counter-strike (original), the scout had perfect accuracy when shooting from the hip. After so many hours of playing scoutzknivez, you'd just 'feel' the direct center of the screen. Once you get it, it's nice.
Personally I don't believe in the overly inaccurate nerfing of hipfire just about all FPS games use. I'd like to see hipfire balanced properly. Funny you brought up BC2, it actually has different restrictions for hipfire based on the weapon you're using, sniper's had no restrictions, LMG's had severe nerfing, and both SMGs and ARs had a manageable and usable set up. BC2 did a good job in that regard. (Though the rest of the game is basically a beta build)