Pretty sure critical chance doesn't multiply that way, as that's the loadout I was using. I believe crit mult acts on your luck, then the others stack on top of that.
The problem is only crits do any damage. Try hunting Deathclaws with a plasma weapon, for example- you do almost no damage at all, until you get a crit, at which point they lose about half their health. That makes it a bugger to try and cripple them to slow them down, as you can't reliably work your way through a limb's HP.
Character effects that increase crit aren't multiplicative, they are additive, than the final value is subject to the weapon multiplier that all weapons have.
This is the fallout 3 crit chance article on the wiki, it can be assumed that nothing has changed.
Base ChanceEdit href= http://forums.bethsoft.com/index.php?/topic/1136592-energy-weapons-underpowered/Edit
Luck in the main base factor that determines the chances of a critical strike on a opponent.
Initial level = Luck x 1%
Example: A starting Luck of 5.
5 x 1 = 5% (Base chance)
Notes:
* Maximum initial base is capped at 10%.
* Ninja perk can increase this limit by another +15% for Melee and Unarmed weapons.
* Finesse perk can increase this limit by another +5%.
* Survival Expert perk can increase this limit by another +3%.
* Strikes dealt in V.A.T.S have additional +15% critical chance added.
* Some weapons have 0% chance of a critical strike (see Critical Multiplier for detail of effects).
Critical MultiplierEdit href= http://forums.bethsoft.com/index.php?/topic/1136592-energy-weapons-underpowered/Edit
All weapons have a critical multiplier that modifies the player's base critical chance to create a new percentage to score a critical hit. This may improve or hinder the player's ability to score a critical hit depending on the weapons Critical multiplier.
Base chance x Critical multiplier
Example: A starting Luck of 5 and using a Sniper Rifle.
5 x 1 = 5% (Base chance) x 5 = 25% (Critical multiplier)
Notes
* The critical multiplier for fully automatic weapons is much lower than for single-shot weapons.
* There are a few weapons that have a x 0 multiplier, which makes it impossible to score a critical hit
* For a detailed list of weapon critical multipliers see Fallout 3 weapons.
Weapon ConditionEdit href= http://forums.bethsoft.com/index.php?/topic/1136592-energy-weapons-underpowered/Edit
The final critical chance is also modified by weapon condition.[1]
Base chance x Critical multiplier x Condition
For example, a character with 5 Luck and using a Sniper Rifle in 50% condition would have,
5 x 1 = 5% (Base chance)x5 = 25% (Critical multiplier)x50%(Condition) = 12.5% Critical chance
As far as it only doing any damage on crits, that could be the way they tired to bring the inconsistent damage of energy weapons from FO 1&2 back. Since in FO 1&2 energy weapons had very large damage ranges compared to other guns, and since variable damage doesn't seem to be possible in the engine, maybe this was their at an attempt at less consistent energy weapons.
I'm not trying to argue that energy weapons are not underpowered at all, I'm just saying maybe they aren't as weak as a lot of people think, and maybe part of it is just people that loved energy weapons in fallout 3 are going though sort of a shock coming to NV and finding them significantly changed.