I have witnessed and received some horrific damage from FBP, but for my own tastes, it is far too situational for me.
Most people are wise enough to switch targets when they see it, so I always felt it a bit of a wasted slot. A decent way to keep people of you for a short while, but honestly I just sit there and wait for the buff counter to hit zero and start shooting again, or switch targets for the duration.
It can also be "overcome" by sheer weight of enemy ships. By that I mean if there are 5 of us we only need to do 20% of the damage required to take you down as individuals, so can kill you without dying ourselves.