I just tried out Fast shot for the first time and I am pretty sure I have a HELL of a lot more sway while sniping than with trigger discipline. Am I wrong?

I believe you are wrong. Fast Shot, AFAIK, only affects the intrinsic accuracy of a weapon. The random error value introduced to the projectile relative to the barrel of the weapon. Sway is, however, affected by skill level. If you just started a new game, you're probably comparing sway at skill level 30 or 40 to sway on a mature character with guns level 100. Yes, no?

Forgot to mention I have 100 guns skill, over 6 STR, and using a suppressed sniper rifle.

Although I could snipe at max range accurately with my hunting revolver....something is definitely fishy. Perhaps they changed weapon sway for the sniper rifle with the last patch?

all that fast shot does is increase the cone of fire by 20% which in turn means your weapon is covering an area that is almost 50% larger then before. It does not effect sway at all. are you crouching? Thats the biggest effect on sway there is.. that and injuries to your arms or head or torso.

Agreed, couching makes the most difference.

Just tested it, ya.... my trigger discipline character has almost 0 sway while my fast shot one is all over the place. Guess I will stick with shooting from the hip as a fast shooter.

The sway is controlled by the spread of the gun. Each weapon has a max spread and min spread. Once your skill hits 100 you use the min spread. Those are the values you see over on the Wiki. Since fast shot increases the spread on your guns by 20% it makes you sway a whole lot more.