I like the Y-Wing but I prefer to think of it as an out and out bomber. Two dice just doesn't cut it in a dogfight and even though the Y-Wings are tough I wouldn't expect them to last long against a swarm of TIE fighters/interceptors. Saying that I've used the Flight Controllers/Adar Tallon combo on them in the past to great effect. My opponant really didn't expect a wave of Y-wings led by Dutch Vander to rip his TIE fighter swarm a new one.

Y-Wings are a bit of a niche squadron IMHO. They really need some kind of support in order to shine be that Flight Controllers, Yavaris or simply some X-Wings or A-Wings to sweep away enemy squadrons. Unsupported they are, unfortunatly, easy meat for other snubfighters.