Fact is simply this: Even if you won half the matches as Federation, which you don't, PvP would still be unenjoyable.
The reason is very simple. There is no fun in being on the defensive by default. The only valid strategy the federation can persue is to all get into a big pile and wait to be attacked.
That isn't fun, even if you do win.
So not just for balances sake, but also for the sake of having a fun game cloak needs to get nerfed BAD. Federation ships need to have ways to pick fights, go on the offensive, gain the initiative, and in order to do that they have to be able to hunt down cloaked ships and be fast enough to catch them.
Ultimately it simply doesn't matter how the fight played out when the "fed ball" gets attacked. Even if they win 50% of the time, as long as that's the only thing Federation can do, PvP in this game sucks.