here is how I understand the rules / play them:
every weapon that "shoots" (= some kind of projectile travels from the "shooter" to the target) has the rules in underwater combat as if "shooting" from surface into the water = DV reduction for firearms of -2 per meter and DV reduction for all other projectiles of -3 per meter (Arsenal p 171), melee attacks get -1 DV
Furthermore visibility modifiers for underwater combat apply in addition to all other "normal" modifiers for ranged and melee combat. Melee combat gets an additional -2 dicepool modifier due to restricted movement.
So here are a few examples:
- Shooting an Underwater SMG at a shark 3m away with termographic vision (shooter not moving, target swimming fast towards his next meal):
dicepool/DV modifiers: -1 for vision, -6 DV for distance underwater
- same situation with a throwing knife: -1 vision, -9 DV due to distance
Shark closes to melee distance (1m)
- Shooting with SMG: -1 vision, -3 in melee, +2 point blank = total mod of -2, and -2 DV
- throwing knife: -1 vision, -3 in melee, +2 point blank = total mod of -2 and -3 DV
- stabbing shark with knife: -1 vision, -2 special underwater mod = total mod of -3, but only -1 DV
taking into account the statistics that 3 dice equal 1 hit and therefore a +1 to DV, it is still better to attack in melee then to throw a knife at a target in melee, you get one less dice to roll to actually hit the target, however when you hit you do 2 DV more damage, which is statistically as good as rolling 6 dice more.
Therefore I do not think that this needs rebalancing.