Ok, if you take Fast Shot it says you have a 20% reduction in accuracy.

But what does that mean? Does it mean that your percent to hit in VATS will be 20% less? What about out of VATS since that is more based upon me aiming? Or is weapon spread increased 20%? Just wondering exactly what this means. Anyone know? Thanks.

It's got to be just about VATS as far as I can tell. I've got 15 points in guns and am sniping at distance with the Varmint Rifle. Iron sights seem to be perfectly accurate, regardless of skill.

Can you fire faster outside of VATS? Or is the speed increase also just VATS? If not, could be an advantage to the extent you don't use VATS.

It increases gun spread by 20% (this covers non-VATS) and decreases accuracy by 20% (this covers VATS).

Edit: The speed increase is only for non-VATS, but to mimic an increased attack speed for VATS Fast Shot reduces AP costs by 20%.

Thanks, that was very helpful.