There is a steam achievement for killing a bunny hopper. 

I find it annoying when someone bhops across the map.  In certain cases it could be considered an exploit to fast rush a location.  No problem with it in custom map servers.  Annoying in popular maps, just as easy to kill, just annoying.  I understand using it to get away or around a corner faster, but when someone tries to go across a wide area I "sigh" as I'm killing them.  Another dead bunny.

I wouldn't go for the realism route on any FPS.  No one moves that fast and shoots that accurately.  No fatigue with all the gear.  No ears ringing for hours after a intense firefight.  Reloading that fast every time.  Rushing at a M249 or any weapon on automatic. 

If you wanted a realistic game it would be a big let down to you.