The new TF2 update is great. I'm going to have to re-rank all the hats, with the new hats added into the list. But first, the new items!
Boston Basher seems like an interesting idea. Slightly more damage with the bleed effect, balanced by bleeding yourself if you miss a swing.
Candy Cane is a good example of something Valve has been trying to encourage: using melee attacks as a means of finishing a fight. I think the theory is that both fighters will run out of ammo, get close, then go to melee. I don't think Candy Cane is worth it, 25% increased explosion damage is crazy bananas. Basically any explosion will bring you down so low that any more damage will kill you.
Back Scratcher would be good under two conditions: You have a bad team/bad medic, and you don't use the Axetinguisher. Generally, I think Axetinguisher is way to go, but health packs are really good.
Demo Set seems pretty legit, but the fire resistance seems like an unnecessary insult to the Pyro, especially since the Demo can already have fire resistance with the Shield
Loch-n-Load seems to be basically a Rocket Launcher that fires faster, does more damage, and has a smaller clip. I'd use it with the Demoknight build, since it'd be a way to Rocket Jump easily. Other than that, it seems Overpowered, but that's because everything the Demo has is OP.
Ullapool Caber is as awesome as it is ridiculous, which is to say, very. Massive damage in exchange for basically dying automatically. TF2 wiki says it does about 150 damage to enemies with the explosion, then does 100 to you, which sends you flying into the air, causing fall damage too. Just another way for the demoman to kill a whole team all by himself: stickyjump in with grenade in hand.
Claidhaemohmor just seems irrelevant. The sword for people who can't go the whole way. Decent, but uninteresting.
Heavy Set is just nuts. It completely changes the way Heavy is played. The critical resistance is just odd. Does that affect Sniper Rifle headshots? Being able to survive a fully charged Sniper would be pretty cool. (Although you probably wouldn't survive, even with the resistance you'd be down to ~22 health.)
EDIT: The Warrior's Pride gives -20 health, which should mean that the Sniper Rifle can still one-shot the Heavy.
Brass Beast has a really cool model and sound, but the ludicrously slow speed of movement probably makes it too impractical for serious play.
Buffalo Steak Sandvich is crazy good right now, you can drop it like a normal Sandvich and it still heals for half HP. That's the way I generally use the Sandvich anyway, so it's like having both sandviches at once. The actual effect is one of the funniest things I've seen in a long time. The Heavy running across the map chasing people down with fists is something I didn't think could be that funny. It increases speed to 311, which makes heavy second fastest class in the game; you still don't have much of a chance of catching a Scout.
It's only really practical when you are in an ambush situation, since you take minicrits. This makes it almost irrelevant since I'd rather use a Minigun for 99% of ambush situations. Regardless, it's tons of fun.
Warrior's Spirit may as well say "Increases Steak Sandvich damage to ~118."
Fists of Steel would be great if they hadn't already released the GRU. As it is, they're certainly better than the other melee weapons, but the GRU's extra speed is far superior.
Jag is my new default Engie wrench, replacing the Southern Hospitality. Increased build rate is exactly what I need as a ninja-neer. The reduced damage will be a pain against Spies, but as El_Dawg points out, the 146 Crit damage is still enough to kill a spy, and Engie has roughly a 100% crit rate with Wrench.
The Medic Set is exactly what I've been asking for. The extra health regeneration is just gravy.
Crusader's Crossbow is still a question to me. You're basically trading extra healing ability in exchange for losing any real chance of defending yourself. The healing function does two cool things: It's a ranged heal, and it gives you a small "spike" of healing, since you can quickly switch to it, shoot it for 75 healing minimum, then switch back to Medigun without reloading.
The Reload is the primary weakness of the Crossbow, since it takes about 5 years. It makes the gamble of using it from extreme distances too risky, if you ask me. Unless you're targeting a heavy, (on either team), you're probably going to miss, and you can't just fire again really quickly like with the Huntsman. Also, you should be using that time to build uber, not reloading a stupid Crossbow. I think the Crossbow would actually be a more practical gun if you couldn't reload it.
Amputator is fantastic. The Medigun heals 24 HP a second to one person at a time, while the Amputator heals 75 HP a second for everyone around you. With only two people around you, it heals more than five times as fast as the Medigun. I'm not going to say it's a perfect weapon; it doesn't build Uber, and you're incredibly vulnerable while you're taunting. Despite those faults, this is my pick for Medic Melee slot now.