It's not ballistic, but just feels like it. The game describes it as "by definition an energy weapon." Anyway, the new version is still blue if you can actually see it. The Maxim was easily the coolest player-allowed weapon in FS2, just in terms of the graphics and sound effects, but the media VP version looks like some wimpy pea shooter. The same applies to the Circe.
The weapons shouldn't deviate this much from the originals in any case. They're supposed to be improved versions, not entirely new concepts. (and the others do follow this rule very well)