Considering that:
1. You DIE when it goes off - it's bound to you from arming yourself with it to detonation, so you can't just plant it and run like with C4
2. *ghasp* you CAN BE KILLED BEFORE the thing EVEN CAN BE DETONATED since you need to click to blow it up [which takes a second or two from being drawn - more than enough for people with powerful guns and good aim to headshot you, snipe you, whatever.] The video on the topic I previously replied to on this matter shows that I could have died had I gotten hit once more, before I detonated the jihad bomb.
3. The blast radius is different from C4 - if previous accounts are accurate, then as said before, smaller blast radius than C4. EDIT: and as Aerobro says, does not go through walls. If you were to jihad in the T tester room on minecraft, only those where you are die - as opposed to those in the room where you are + those outside and immediately next to / near the building.
I'd say the balance is there.
IMO "oh, but it'd be a waste of T round" type arguments are really dumb since, well, it takes strategy to actually use this weapon effectively [and if people want to blow themselves up, shouldn't that be their problem, regardless of if they are new to using it well, or are seasoned in its use?]
As for trolling, minging, etc, can we have real numbers, proof about minging, trolling, etc, instead of just wild speculation? How bad is it really vs the perception, and how does that compare to the use or abuse of other weapons?