DISCLAIMER: I am a melee class user, and this topic is asking whether you consider it OP or UP, not whether it should be in the game in the first place - that's a different debate, and it'd be great if we could not get into that here.

To my mind, Melee seems nerfed even more than in Demo 2, but with a few additional boosts. As I never see anyone running a melee class apart from me anymore, that seems to suggest it's no longer considered powerful, but what say you?

BUFFS:
Armoured targets now only take 2 hits to kill.
Proximity Alarm is nerfed on Cloaked players (unconfirmed, it may just be a glitch), so they're easier to get close to, and means less people are likely to use it overall.
Mobility Enhance and Energy Transfer massively help the huge energy drain of invisible sprinting.
Threat Tracer helps aquire targets while still keeping Stealth Enchance.

NERFS:
Cloaked targets now take 2 hits to kill.
Proximity Alarm doesn't make a sound while you are cloaked (unconfirmed, it may just be a glitch), so is rubbish for stealth target aquisition.
Energy drain for cloak has been further increased.
Punching now slightly stalls your sprint, meaning attacking a sprinting player allows them to escape and turn to attack after the first hit.
SMGs are widespread, and an excellent defence against melee players.
350 stealth kills are needed to get the badly needed efficiency boost.
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Personally i'm happy with how it is. I think it's a bit weaker than in Demo 2, but not massively so. The loss of Proximity Alarm is a huge blow, but one offset by it being less widespread now with your enemies, as it was always the best line of defence against melee players too, but Mobility Enhance makes up for the loss.

I have no problem with the melee system now.
Maybe increase the time before you can melee again. (make it more like Halo 3 where you either hit him a few times then melee or the opposite)

Lies, tracker doesn't show cloaked peoples footsteps. Checked and proven in private. It totally should tho. The stealth kills are easy. It means kill within 8 seconds of decloak which is huge. Knowledge is nano power

the addition of magnetic lock on targets, is new addition compared to demo, now its significantly easier, but sometimes the lag in the game, can result unsucessful melee...

Lies, tracker doesn't show cloaked peoples footsteps. Checked and proven in private. It totally should tho. The stealth kills are easy. It means kill within 8 seconds of decloak which is huge. Knowledge is nano power

Yeah, stealth kills aren't hard, I just mean it's a pain to get 350 kills. Even if you average a reasonable 10 stealth kills a game, that's still 35 games, at 10 minutes each, making about 6 hours of solid play before you can use it properly.

Glad to hear Tracker can't follow cloaked players (and agree it totally should...) I've noticed it in my killcams a few times, but it's possibly because I come in and out of cloak a lot to conserve energy, so it maybe takes a few seconds to deactivate once you're cloaked. Edited the OP to reflect.

the addition of magnetic lock on targets, is new addition compared to demo, now its significantly easier, but sometimes the lag in the game, can result unsucessful melee...

Magnetic lock? Not sure what you mean there. Yeah, lag can mess it up, but I can't complain as it happens to everyone.