Fast Shot is a Fallout, Fallout 2, Fallout: New Vegas, Fallout Tactics and Van Buren trait.
Fallout, Fallout 2 and Fallout Tactics
This trait reduces the Action Point cost of all throwing and firearm attacks by 1, but doesn't allow you to make Aimed Shots. Despite the description, in Fallout, it actually reduces the cost of all weapons, not just throwing and firearms, but this was fixed in the later games.
Fallout: New Vegas
This trait reduces accuracy with Energy Weapons and Guns by 20% while increasing the fire rate by 20%. This reduction in accuracy reduces the chance to hit when firing in V.A.T.S. and increases the amount of sway when taking zoomed shots out of V.A.T.S.
Fast Shot is arguably better for sniper weapons. For example, the anti-materiel rifle has a spread of 0.015 and a fire rate of 0.4. With Fast Shot, this would increase to 0.018, and the fire rate increases to 0.48, a negligible difference either way that would probably not see influential use. Conversely, automatic weapons, with their high base spread, suffer the most from this trait, and would only be required for more maintenance from all the extra wasted shots.
This trait works extremely well with other AP reduction perks like Math Wrath. For some weapons, the AP cost of weapons is reduced significantly to the point of allowing many more shots in V.A.T.S. An example of this is with the All-American, which has an AP cost of 13. When using the All-American with Fast Shot and the perk Math Wrath, the AP cost becomes 9.36, which can allow some characters 10+ shots in V.A.T.S. The extra shots in V.A.T.S. also makes the perk Concentrated Fire more appealing.
Note that this trait will reduce your maximum accuracy in V.A.T.S. to 76% (not the case on PC). This can be negated by the Gunslinger, Commando, or Sniper perks.
Notes
It is not advisable to choose Fast Shot along with Trigger Discipline. Fast Shot multiplies attack speed by 1.2 and accuracy by 0.8, while Trigger Discipline multiplies attack speed by 0.8 and accuracy by 1.2. So you end up with a 4% (= 100% - (100% * 0.8 * 1.2)) decrease of both accuracy and attack speed if both traits are taken.
Bugs
Fast Shot does not appear to affect the rate of fire of automatic weapons when used in real time, only in VATS. [verified]
Van Buren
This trait reduces the Action Point costs of all Firearms and Thrown weapons by 1, but also removes the ability to make targeted attacks with Firearms and Thrown weapons.
J.E. Sawyer's Fallout RPG
During the charge phase, the players character can fire a firearm instead of just charging ( This eliminates an action phase of that round), but critical hits with firearms always come in 6 point increments.
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