I don't know if the Fw is quite that timid, but it is pretty much at the bottom of the MA food chain. If you're in a Fw you have to worry about having more planes do more things better than you than just about any other ride. If you get in any way greedy when flying a Fw, odds are you don't make it home. And with all the Hozooka-armed planes out there, the Fw's guns aren't even anything special.
Sure, you can do well in it. A good player can do well in anything. And if you optimize your play to vultching and cherry-picking, you can run up some nice streaks if you don't get greedy. But, same is true with a Tiffy, P47, etc.
I still don't think it's completely porked, though. Just a few things need to be looked at to make it a threat again: the snap stall, acceleration, and maybe the 20mm's (cuz it sure takes a pile of 'em to kill anything).