It's not as bad as it used to be, but I think it is still overpowered. I see many fights where it happens inside the first minute or two. Once this happens the lead your opponent builds up on you in the rest of the round is often insurmountable. I'd prefer we don't see any body rocked or gassed text in the first 3-4 minutes of a fight. Most of the time when you see real life fighters dropped or hurt with body blows it is in the latter portion of a fight when they are already breathing heavy.
Leg kicks can gas your opponents in the game too, I think that is outright ridiculous. They should sap your speed, balance, kicks and takedowns, but gassing to leg kicks seems pretty silly in my opinion.
I think Mike's idea of making certain attacks more counterable would take care of a lot of the body gassing problem, but id like to see body damage causing gassing limited to the latter part of the fight. Certainly not the first.