The "Early Warning (System?)" on the ISD-Ch pic, I'm wondering if it will help cap ships fight off snub fighters, to make a larger CAP less required.

I expect activation shenanigans are more likely there. This would be the right place to put it: accessible to both sides, but not ubiquitous enough to be in every fleet.

I don't think it will be a squadron nerf I think squadrons are in a good spot right now if anything, maybe even a little too weak at least in my meta. So I think it might be something to do with either activation stuff like exhaust this card you don't have to activate a ship this turn can only be equipped to a large ship or something around those lines maybe even having to discard it. Something I find a little more likely though Is it could be s omething that helps counter boarding party cards or maybe delays their effect?

Those sound like good ideas. I'm just used to thinking of early warning systems having to do with approaching enemies (or sever weather, but really both the same), so thought it might help a big ship react to incoming fighters. We'll see though.

Words I make out on the card "At the start *covered* phase, you *covered* 1 of your". Rest is hard to read, I see words attacking and attack later down.

If they wanted to make a Defence retro. to help defend aginst fighters then my guss is allow a/the spent defence token to replecate its effect for free when a squadron is attacking.

Squadrons or black dice(projectiles)

We have an anti-squadron Defensive Retrofit, it just isn't very good. I only wish using cluster bombs also cancelled that squadron's attack. Then it'd be nice insurance against a number of effects, plus blocking 1-2 damage.