Executioner is the Liberty HF. It's supposed to be weaker than VHF, but more manuevarable than VHF.
The weakness part seems to be covered alright. No class 10 guns, and only 4 class 9 (if you count the type-2 turret as a class-9 gun), so its surely not a VHF for firepower. And 4 of the Liberty laser guns will run the energy out in just a few seconds, so its not got the VHF power plant either. This is all expected for an HF though, they are not supposed to be VHF.
But where are the strengths? It should have a smaller profile than the VHF, but instead it has that ginormous tail on it. Worse is that the turn radius is horrible. Two bombers I have fought so far, Roc and Waran, were both able to establish joust patterns multiple times. The only way I could get behind them was to slam the brakes in the middle of the field and hope they didn't hit my standstill freebie target, and then after a few seconds they were able to establish joust pattern again. By comparison the Bayonet is a flat little saucer and is super nimble; I can get behind every bomber in the game and chew on their tails all day long. Executioner is a joke by comparison.
Honestly I don't care about the tail so much, if I can get behind the target the tail won't matter. It needs to have the turn radius improved substantially though.