Not sure almost unlimited rocket-jumping is ever going to be worth reduced damage output.
Reduced health? Hmmm, well the increased rocket speed would be interesting to play with.
Hm. I don't like Beta 1. Don't want to lose 50 health just for the rocket to have a higher velocity. And beta 2.. the damage trade-off is not worth it to be more spammy.
I like the current rocket launcher. It's balanced.
The 50% faster firing speed means a soldier could probably single-handedly take out a sentry that's far away or from the splash damage that could get it from around a corner, even with the engineer there. I don't see much advantage with the beta 2 though.