The AT is usually my first transport for a trader character. I see no reason to change the AT.
However, that brings up another issue. The AT is an incredible bargain when compared with the Hercules Civilian Heavy Lifter. The AT is superior to the HL in every way: weapons (2 guns & 2 extra turrets on AT), cargo space (800 vs. 750), hull (60k vs. 40k) and bots/bats (240 vs. 150). Hardly anybody ever buys a Heavy Lifter, since it costs a couple million more due to including type 4 transport turrets and it is inferior to the AT. I think the Heavy Lifter should be fixed by reducing the price substantially and selling it without weapons (but make sure that transport turrets are available for sale at any base that sells the HL).
The civilian lifter is so so much more agile then almost every other transport. I've heard stories about pirates using it, as its agility allows the pirate to get behind and stay behind the transport. Plus a heavy lifter won't be seen as a valid threat - it would get sorely underestimated. (No CD means the lifter needs a buddy, though)
The AT may have more cargo space then freighters that cost a similar amount, but it is also much much easier to kill, as it lacks the 395 cruise speed that freighters currently have. And with the 4.86 economy, it is not too difficult for one to work their way from a 2.1mil dormedary up to a 10mil "Albatross" 2,000 cargo train, or a 2200 cargo Mammoth for the same price, or a Percheron for an extra 2 1/2 mil.
The 800 cargo Armored Transport (and the 1k cargo Gull, for that matter) is not a necessary upgrade step anymore. And if it does become a upgrade step once again, the Gull can fulfill that purpose. Therefore, something different should be done with the Armored Transport - it's a vanilla ship that some players really really like despite its current balance issues.