It's hardly overpowered at all. It is an anti-fighter/bomber gunboat now, and will not stand up to larger gunboats alone. It has six turrets, four which can fire forwards. Even the forward turrets have poor firing arcs - you can't hit much apart from around the middle of the screen. It has a low powerplant, designed to maintain anti fighter turrets and/or a single missile turret. It is very agile, and is good at dodging supernova and mortar / battle razor rounds.
Those horror stories you are referring to likely are 4.84 tales, where it was quite powerful (ridiculously so with a Cap 8 armour upgrade).