Those are all also very valid points. Torpedos just don't have the kick they need to be a viable attack option. At least when flying solo in a combat environment where all it takes is brace for impact and tac team to completely neutralise even a fully tac-buffed and maximised torpedo barrage. By the numbers, (with quantums), a full hit barrage (without crits included seeing as they are random) can have a raw damage average (note, average) of 16k per hit. Spread over up to thirteen hits (high yield 3, then 2, solo shot, high yield 3, solo shot) over the course of seven seconds, is a -lot- of damage.
But, as was described, shields have an inherant bonus against torps- the bleed through is the same as beam and cannon weapons, but the shield HP that normally absorbs the remaining 90% -also- has a resistance making that hp amount much more efficient. So the shields do not get worn down to expose that hull.
I have found though, that once i shifted my expectations from the B'rel being an assault craft to being support based, it did mitigate many of the percieved balance issues. Mainly, building and setting up for the second attack on a target rather than the initial barrage- you let the cannon boats wear them down then hit while the shields are already low or down. And switching to spread instead of high yield- though the damage is reduced- means guarenteed hits not only to that weakened target, but also the added distraction of damage to -his- support craft, and the clearing of spam from the field- forcing healers to spread their attention and removing potential counter dps from pets and mines all in addition to heightening the chances of your barrage going direct to hull where that torp damage can much more easily lead to a kill.
Also, having a support focus allows a pilot to take advantage of the other cloak benefits- being able to fire off debuffs, crowd control, and heals also all while remaining stealthed. It may be a small ship but being able to run full aux and still have consistant damage potential frees the ship to fulfill a solid support and harassment role while you charge up that next burst. TSS, HAZ, tykens and grav well, burst and shockwave, scramble sensors, viral matrix, sci and engineering teams to clear allies of debuffs... all can be done while cloaked with only that same three second reveal. If you are willing to sacrifice some dps, this style of play can also be effectively combined with chroniton torpedoes to mass slow the enemy team- helping to reduce their attack craft's ability to bring their firing arc to bear.
As i said the B'rel really is a powerful support ship and those torps still remain effective in the second half of a classic 1-2 punch if you do want to play it aggressively. The trick is finding a teammate or two to make it happen. It takes timing and coordination. Or even pairing off with a second B'rel with a similar build. While one ship will rarely overwhelm the shields of your opponent, even adding one more ship and hitting together, those shields will go down and at least a few hits will go direct to hull, where that damage loss suddenly reaches compensation.
Only once have I had the opportunity to run in PVP matches with two other torpedo-specialist b'rels, and when the three of us coordinated, two would break the shields, the third being enough to destroy lighter craft and severely cripple even the enemy cruisers. That really drove home how the B'rel may be considered gimp and weak on its own as far as attack potential, but they operate as a force multiplier with eachother- the whole literally becoming greater then the sum of its parts.