Fire rate has a huge effect on DPS for "spray" weapons like the SMG. I've found weapons that look great "on paper" but lack of burst fire makes them less effective than what I'm already carrying. Does "burst" imply a fixed multiplier I could apply to fire rate for a quick comparison?
Burst fire is always fast and I think its not related to weapon's fire rate and its more dependent on weapon.
It Seems SMG's like deft fox have faster burst then eridian SMG's.Burst fire is always as fast as (10-15)+ fire rate. There are few miniguns which can fire 9 shots in a burst you will here 3 fire burst but it will actually fire 9 bullets per burst.
IMO The fire rate listed is normal fire rate(unlike Borderlands 1 where they list burst fire rate.)
Another thing to mention the pause between bursts are also independent of fire rate. I have an SMG having 8+ fire rate, but the pause between bursts are like 500ms.
The bottom line is don't make any assumptions when you get the weapon just test it first.