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I haven't seen it in game, doesn't particularly matter if it is or not. Rapid fire fires 6 shots every second for 38% damage, it will increase the attack speed by the same ratio. If you attack two times every secound, channeling rapidfire will cause you to shoot at a rate of 12 times a secound.
It is fairly noticeable if you get a really slow weapon compared to a fast weapon. I can tell the difference between my bow and my hand xbows firing when I use rapid fire. What AscendedOne says is correct, you get 6 shots over your APS period.
EDIT: Look here for more info. http://us.battle.net/d3/en/forum/topic/4365747970
Korba has condenses the responses to the OPs questions well.
Edited by LtShaft on 4/6/2012 2:15 PM PDT
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