Hrm. As someone who has always had to take point, the shotgun has been a godsend and saved my life at point black range more times than I can count.
The fun level of it, and it's usability varies greatly from game to game. Explosive Shell Shotty from Duke Nukem 64, the Dual Shotguns from Area51(Xbox), the Auto shotgun from Rainbow Six. So many variations. Some are terribly cheap, and really rank up there.
But, I find the more one gets into competitive gaming, you can't really risk using them. As much as you'd like to hang back, or charge in and wait for that point blank splatter shot, if you're playing against or with a good group of friends... you can't really give up range. You become a hinderance not protecting people with long range fire, or a sitting duck not being able to fire back like that.
Fun as they are, as long-range weapons see constant improvements in most games, and a variety of range-fire rate-damage tradeoff guns... they're just losing their competitive edge.
My two cents, anyway.