I still use this mod, and I can say from experience the arsenal is quite mixed in terms of strength in one way or another. On one end, things like the ferrogun or shredder battery weapons are kind of underwhelming now compared to vanilla options, and on the other end the shard series of weapons is kind of overpowered. The shard weapons are kinetic weapons that do bonus damage to hull, so most of the time you don't need weaponry specifically designed for destroying hull or armor. You can basically put shard weaponry on everything and it will perform well. The missiles are middle of the road. The factions version of salamander is slightly better than the vanilla salamander IMO, meanwhile the missile that splits into 5 projectiles (cant remember its name atm) is kind of underwhelming. Voidspear is a good generic DPS energy missile, comparable with vanilla options. Its a mix of good and bad atm IMO.
The main issue with the faction is the ships themselves are very fragile and need alot of investment. They are still some of the best looking modded ships to ever come out for this game though. I don't know the status of this mod, but I wish Cycerin would come back and finish this mod, its eternally one of my all time favorites.