If you don't know what that means, here's a screenshot (is that even how you say that? Correct me if I'm wrong!)
I actually took the time to find out what was done to the escort mechanic while I was on hiatus from this game and I must say I'm Impressed. I've begun using this tactic and letting the AI do its thing regularly now.
The most basic thing this method does is ensure a group of units stays tightly in what you could fittingly describe as a blob. The bigger said group of units is and the more inefficient it will be for it to go from point A to point B since they'll end up pulling and bringing themselves up togheder like a group of very disorganized lemmings. This is quite good on either carriers and/or missile units since they'll both cover eachother and will focus on one target at a time.
What I did not expect to happen was the resulting behaviour of just two or three identical units reciprocally escorting eachother. They will actually get into a rather well organized and dynamic formation of either covering eachother's back and will even focus fire rather effectively when the enemy is not spread across the map.
There might
juuust be a hint of confirmative bias here but this formation even prevents overly suicidal ship abilities like the one on the Prophet (that boosts it forward with no option of reversing while active) and when one decides to boost forward, the paired prophet follows or at least starts reversing without activating the ability itself to try and stay close to its buddy!
Some more screenshot showing it at work
I vividly suggest to only use it defensively as even just a duo usually prevents both units from using their one-directional boost abilities on both ships involved (things along the lines of plasma thrusters will be spammed like usual as far as I could observe). Anything more than a pair/triplet more or less form a group covering its own behind and that's more or less it.
Edit: typos, typos everywhere!