First off: this is a bunch of long-winded opinion (which I didn't proofread . . . sorry . . .). If you want a TL;DR version, just read the last paragraph. If you have a different opinion, please share. I love a good debate. Now then:
The Meta
With the release of Wave 5, we've seen a bit of a change in the overall meta. Though Fat Hans are still out there, many are being replaced by SuperDashes and Decimators with Expose, and Phantoms (specifically Echo) are seeing a bit more play.
This means that new lists have to plan to run into high mobility, high Pilot Skill, high attack, and turrets. However, the way that these elements function in the meta has changed due almost entirely to those last two points: high attack values, and turrets.
Right now, there are multiple options for four-attack ships in both factions. The Rebels can field B-Wings with Heavy Laser Cannons, and, more commonly, Outriders with HLCs. The Imperials have Phantoms, Firesprays with HLCs, and now the Decimator + Expose + Experimental Interface combo. All this means that almost every competitive list is capable of dishing out four-dice attacks on a regular basis; the few that don't are generally swarms.
Because of this, the average defensive ability of most lists has to go up, too. Up to this point in the game, there have been two ways of pumping defense: either you pump up hull and shields, or you pump up agility dice and actions. More recently, we've seen builds based more on nigh-foolproof modifying of only a few defense dice, combined with higher hull and shields -- these include Fat Han and Ibtisam builds.
Now, though, that's changing. Up until the last wave or two, the general expectation has been to run into a few three-dice attacks, or several two-dice attacks. Glass cannons were not always very good due to their unforgiving play style, but they could manage because they would generally pit three base defense dice against three base attack dice. The green dice were a bit weaker, but this could be combated by staying at Range 3 or equipping upgrades; glass cannons could stand up to several two-dice attacks or a few three-dice attacks. As of Wave V, though, the standard has changed; now, they have to stand up to four-dice attacks. What's more, arc-dodging is no longer as reliable with more turrets hitting the field. Because of this, three-defense ships have become less common. Phantoms, with their four green dice, have managed to hold on; as has Soontir, with his ability to modify just about every roll he makes.
Thus, the other two defensive builds -- high hit points and dice modification -- have become more and more common, which explains a lot of the "underpowered" ships in the game.
The X-Wing, the E-Wing, and the Defender
The X-Wing, for example, is not underpowered; previous waves have proven that. So what changed? It's simple: previously, two agility dice was enough to limit damage taken from any given attack to one or two hits. It would take a good round of concentrated fire to bring down an X-Wing. But two defense dice is not enough against four attack dice. Now, a single attack can result in two or three hits, which is half of the X-Wing's hull; after that, the rest of the attacks are just mopping up. By condensing the attack dice -- that is, having a similar amount, but rolling more with each attack -- ships that rely on agility for defense have been marginalized, unless they can up their agility correspondingly. The X-Wing simply can't do that, even with a Stealth Device or something similar. Thus, the move toward B-Wings; they have enough hit points to stand up to that sort of punishment.
And that brings us to the E-Wing, and, on a related note, the TIE Defender: two of the most under-appreciated ships in the game right now, for one reason: upgrades. The E-Wing is a good ship, but it needs upgrades -- and with those upgrades, I maintain that it is the perfect counter to a lot of what's in the current meta. It can become a high-agility ship that doesn't rely on arc-dodging or generally not taking damage. With a better hull/shield setup than the X-Wing, it isn't a flimsy little glass cannon; but with the right setup, it can have the same or better agility rolls than a flimsy little glass cannon. Take, for example, the following list:
Right now, the meta is a Clash of Titans. You need high defense to defend against the high offense, which means that you need high offense because everyone else has high defense. You need high mobility to defend against equally high mobility, and high Pilot Skill to beat out high Pilot Skill. That means looking at a game of trade-offs, and in turn, a game of extremes. Perhaps you can have a bunch of attack dice and a bunch of hull points, but that will mean sacrificing Pilot Skill and mobility. Perhaps you can have high PS and defense, but you may lack in the other two areas. Or, you could be SuperDash, a Phantom, or a Decimator and have four-dice shots, high hit points or agility, superb mobility, and fairly high PS all in one big, expensive package. So: what builds are out there to beat these ships? What have you been flying? Have you encountered these elements in the meta, or not?