I have one at the moment, its not very powerful but its VERY AGILE. I don't know what to suggest but its power regen is 800. Forgot the actual number of its capacity. I wish it had class 10 guns!
the arrow is the fastest public ship available - as a drawback, it only has 2 lvl9 guns and is quite large. - the arrow lacks firepower greatly - but can equip for example - two cannonball launchers - or 2 firestalker missiles that can - in a direct 1 vs 1 fight - be used against the opponents shields and his hull to a good effect.
the ships main defense is its agility for sure, cause its like other light fighters only able to equip a lower grade shield - i think its class 8.
the only more agile ship is the keepers nomad fighter, which has the advantage of being able to equip a lvl10 shield and 3lvl10 guns with 15.900 power ( for a comparison, thats as much as the werewolf has or some freighters, arrow has 8000 - thats the default powerplant for a LF MKII ) - but those two are hardly comparable cause it also has a lot more armour and a torpedo slot - so its basicly a different class of ship.
the arrow is pretty good for exploring and simply avoiding to take damage much. - its almost invulnerable to bombers and capital warships, cause its simply too fast ( unless the pilot chooses to actually joust or fight them ) - the arrow is best used in packs. - when flying in a group of 2 or more, it can be a dangerous enemy to bombers or slowre VHF - but for that, it would need guns rather then missiles - one with 2 imp debs - the other with 2 powerful hullbreakers can do the job well.
I have an arrow, equipped with just an advanced debilitator and a cannonball missile. All you need to do against a bomber or VHF is get behind them by out turning them, if that happens they are pretty much dead.
In regards to the powerplant, it is very good for the size of ship, looking at it it is baisically a powercore with a cockpit and wings. It can easily support 2 Vengence Mk Vs, which makes it more able to stay in a fight and compete with the much bigger likes of the Eagle or the Titan.