Yeah, you have to factor in heat, too. Although I am not against nerfing the CD and heat of PPCs, as I agree they should not be a high-DPS weapon if they are also a pinpoint weapon.
That´s why I think the heat mechanics is the main problem. If, instead of comparing DPS, you look at sustained DPS (of course that depends on build), then the Large Pulse is not that bad (although still inferior). You need a heat sink power of 37 to make a ER PPC 100% heat efficient, only 19 for the LPS. A more general approach to fix it would be increase the cool-down a little (maybe 3.5s or 4s) and put in a real heat mechanics in game. I would love to see speed dropping when you go above 50%, down to almost full stop at 100%. The same for arm reticle convergence and turn/torso twist speed. Maybe even some inertia effect on the reticle above 90% (you know? like a drunken man overshooting?). As a self reprimand: I think now I´m going into "how do we fix MWO" territory, instead of "how do we play the game as it is". I once saw Michael being proud of the no "this game is broken" QQ over here and I´m feeling guilt. Maybe we should condense this in a concrete suggestion, go over to the official forums and post it (and group vote on it). Getting organized might get things done.