It worked, mostly. They melt like butter in a blast furnace.
Pretty much, yeah. With the addition of tracking, corvette spam is a thing of the past now. Tracking is subtracted straight from evasion, so for small weapons that's 50%~ taken off of evasion. Less for medium and large, of course, unless you're fielding missiles because missiles have a flat 70 Tracking score.
Except for torpedeos which have only 0% tracking.Long story short, corvettes work well against enemies that field mostly Medium or Large weaponry due to their high evasion. They'll die in a couple hits but have a high chance of dodging those low tracking, medium accuracy attacks. Unless they're up against 8M Plasma Cannon Cruisers, but nothing beats 8M Plasma Cruisers so it's no fault of their own. Against enemies with Small weaponry, that 60~80% evasion is going to plummet to 20% or so and small weapons generally have good accuracy too. So they can be countered with Corvettes of your own, or Destroyers packing small weaponry and their unique +Tracking computers. It's nice and balanced now.
The only problem I have with the current roles that the ships are in is that you don't start with all of them at or near the start of the game. Combat is obviously supposed to go Corvette < Destroyer < Cruiser < Battleship < Corvette, but that doesn't work until you reach end-game and get large enough Space Stations. So for most of the game you're going to be rolling with Destroyers and/or Cruisers because that's the best combination. You won't face Battleships that will threaten your fleets and force you to mix things up. Unfortunately I don't think that it's something you can mod in. Not unless you want Level 7 Spaceports at the start of the game, to build these heavier ships. Hmmm... Though if you could nerf Space Station strength and slowly build it up with new technologies that could also be an option. You want that Level 7 Spaceport to be beatable in the early game after all.
I haven't seriously tried out missiles recently, but it seems way too easy to counter with corvette spam or with flak cannons.
Corvettes no longer have the option to mount PD, thanks to recent changes. And since missiles have 100% Accuracy and 70% Tracking across the board (except for Torpedeos), they are actually amazing against Corvette spam. Destroyers can mount a lot of PD for their size, so it's them you have to worry about. Especially since PD is a little too effective against missiles and fighters at the moment.