This is an understatement.
Although I wonder sometimes about people's claims about pyros being overpowered - the more I play demo, the more I'm finding how powerful pipe grenades are - they shoot so quickly, and wreck havoc so fast - faster than a soldier's rocket in closer range (i.e. 3 grenades killing a full life heavy). Pyros get raped by two quick pipe grenades as well, as well as being something pyros generally don't think of air blasting.