It can be very fast, but it's not as fast as NOT having to rack the slide. In addition it requires two hands. Assuming that you can insure that you never have to draw with an injured hand, while carrying something you can't put down, or that you'll never have to hold off an attacker with one hand while you draw with the other and that you'll never be in a situation where draw time is critical then it's probably not that much of an issue.
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