Just read the topic interesting discussion really, lots of great points.

I have been wondering this myself, and upon reflection here is my own personal opinion.
The fact Cap ships are gained so early in the game negates the fact that they should be ubber.
I have no problems with them being Frigate munchers, if they are brought out at say tech level 5 or 6 and say cruisers coming out earlier at about level 3-4.
Personally, I would like them to make more of an impact, but I see for balance purposes the need to reduce their abilities.
The other option I've been thinking about is to make frigates perform better when a cap ship is in their fleet.
Moral boost, Military training and drills; give it what ever reason you want to call it, having an admiral in a Capital ship should help bolster the troops, that way the cap ships have a use in a fleet and can make the difference without pounding out damage, and without the need to move how early in the game you get them, you could also link in the Caps Ships Level to how much of a performance boost you get, a level 8 carrying a 5 star Admiral, and a level 3 carrying a Rear Admiral, would again provide slightly different but depth engaging sides to a Cap ship and its fleet....
Again personally I still agree with Nephy, they need to own Frigates in 2-4 volleys and Cruisers in 10-12 would be my gut call, I feel Cap ships only real Target of Concern should be other Capital ships, which is almost the way it works, just a few slight tweaks would be welcomed I think.