As it turns out, many of us thought that the Bee was going to be nerfed. Then the DLC came out and we were happy to see that the Bee was not nerfed...we were wrong.
The damage which the Bee applies has been moved and removed from the beginning of the damage stack and placed at the end. It does not benefit from critical bonuses or from things like the "Anarchy" stacks. If it did, a Conference Call would be netting close to half a million damage from a bounced bullet at only 300 stacks (Half of current potential).
This has not entirely fixed the game, as Terra and The Warrior still got slaughtered by my 300 stacked Conference Call Bee combo in a matter of seconds, but it has defiantly prevented something we would have really enjoyed taking advantage of. Seven pellets shooting around the map, bouncing, doing a minimum of half a million damage? Would have been great.
Sadly now the Bee applies it's 52k damage at the end of the damage stack, after everything is calculated.
For those wondering about how the damage work out would have been:
Conference Call - 5,400 Damage
The Bee - 52,000 Damage
Total - 57 - 58,000
Multiplied by 1.75% per stack, times 600 stacks = 1050%
Damage turns out to be around 609,000 damage per pellet.