It works for light crossbows as well, though at -4/-4, or even heavy corssbows at -6/-6. Too bad it takes two hands to reload one (even a repeating one).
Though here's a question--can you carry a crossbow already loaded? Without it shooting you in the arse that is.
Flurry of Bolts
If you were really determined, a Level 12 Fighter with the following feats:
Exotic Weapon Proficiency (Hand Crossbow)
Greater Two-Weapon Fighting
Greater Weapon Focus (Hand Crossbow)
Greater Weapon Specialization (Hand Crossbow)
Improved Critical (Hand Crossbow)
Improved Two-Weapon Fighting
Quick Draw
Point Blank Shot
Rapid Reload
Rapid Shot
Two-Weapon Fighting
Weapon Focus (Hand Crossbow)
Weapon Specialization (Hand Crossbow)
standing less than 30 feet from his enemies, with seven loaded hand crossbows at the ready before him (on the bench, bar, table, what have you), could get seven attacks at +16/+16/+16/+11/+11/+6/+6, each doing 1d4+5 points of damage, and threatening criticals on every roll of 17 or higher. With a nice GM, you could even reload them all as a free action and do it again the next round.
(Not sure what the point of that was, other than to satisfy my own curiosity. Days off can be dangerous.)
Greyline