It started with Soldier of Fortune, and then got picked up by the Call of Duty crowd: the incredible feeling when you lob a knife over a million miles just to get that fluke kill.
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There's a camp of thought that loathes the long range hatchet or knife kill, and I can understand that having been on the receiving end too many times over the years. But when you throw something this far, and it sticks, it's got to feel good.
Lobbing objects high into the sky has been a staple of Call of Duty multiplayer for years anyway: knowing where the typical nade spots was generally the first lesson you learned in competitive play, since you'd be blown up immediately if you didn't know.
Sure, that doesn't make the hail mary axe any less annoying if you're copping it in the knee, but it's damn fun to throw.