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One big MOO2 tactic was to build a large fleet of small vessels (FFG's, DD's, CL's) and swarm the opponents. The AI has used this with some success. Also is it me or are fighters mostly ineffective (given the eefectiveness of PD)?
The smaller ships do provide some nice defensive bonuses, and can tip the balance.
The biggest advantage of fighters is their lack of maintenance. You can build up huge stockpiles during peacetime, with minimal impact on your budget.
One thing you really need on fighters is shields. At 60 hp / 4kt they are amazingly effective.