I agree that the bazooka is roughly historically accurate. But if you want to get historical, then the game is totally missing the big danger to WWII tanks: anti-tank guns. Those were the real tank killers.

In fact, when I first started playing BF1942, I just assumed that the AA gun emplacements were AT guns. From the realistic WWII games I've played, especially Combat Mission, the guns on the ground were AT guns and artillery pieces much more often than AA. The AA guns were often light enough to be mounted on a halftrack or tank chassis, while with the heavier AT guns and arty pieces it was more practical to tow them. It seems strange to have no AT guns on a WWII battlefield.

The handheld AT weapons were not the real tank killers; they were only there to give infantry a fighting chance against tanks. BF1942 gives a reasonable idea of what it was like to kill a tank with a bazooka. It worked well in a well-executed sneak attack, but it wasn't something to rely on in a straight-up slugfest. The only big things that are missing are: 1) bazookas had blowback behind the firer, so you couldn't use them safely in confined spaces, and 2) real tank killing is much more of an all-or-nothing affair. Either you penetrate the armor or you don't. If you get through the armor, you'll probably kill a crewman, break a tread, disable the gun, or maybe hit the ammo and set the whole thing on fire.

So I see the AT outfit as not just a bazooka / panzershreck, but also as an AT gun replacement. That's why I don't think it's strong enough. Once they neuter the grenades, the real burden of tank-killing will fall to airplanes. A perfect bazooka shot may take 1/3 off a heavy tank with a long reload time, but a perfect plane attack will take 80% in an instant. Once they do this patch, maps without airplanes will be dominated by tanks.