The Fracture does have splash, but it's very weak. Comets, Falcons or Ravens would all be stronger area-denial options IMO.
Personally I don't think there's a problem with the Fracture (or the Raven) - the only real balance issue with the new AV weapons is that the Vortex is too weak against infantry compared to the other two, and the Fracture completely eclipses the useless Pounder. I'd say buff the Pounder and the Vortex, and leave the other MAX AV weapons as-is.
As for comparisons with PS1 balance - I remember courtyards locked down by AOE Burster spam from the surrounding hills. Nothing in PS2 is quite that bad yet
