Torpedoes were always a bit of a one trick pony, even before Engineers. They had a velocity of 400m/s and did enough damage to matter, but didn't retain launch velocity, were much more vulnerable to PDTs, had a lower duration, and could still be dodged or run out without a ton of difficulty, if one was anticipating them.
An example of torpedoes from 1.4:
Source: https://www.youtube.com/watch?v=sMsNM-ZPYFs
Seekers were vastly more dangerous in the early game. From gamma through until 1.2, the Viper and Cobra were the prime combat vessels and four of five seekers, or two torpedoes, would destroy these vessels, fully shielded. It's one of the reasons I had two PDTs on my Viper for most of the first year I played.
While I don't really think the game was especially balanced before Engineering, I do think, ironically enough, that there was more variety in some ways than after Engineering.
I'm using turrets, seekers,
and SLFs in this fight:
Source: https://www.youtube.com/watch?v=IYq2gS06w84
I may have been confident in my CMDR's ability to escape and many not have been giving it my all, but I don't think I was phoning it in either.
Of course, I often fly the SLFs myself, either for scouting purposes, to pursue fleeing foes, deception, or to more readily engage two different opponents simultaneously. NPC crew, even very high rank ones, are quite poor at pursuit in the SLF.
I haven't personally encountered many problems with SLFs, even with multiple CMDRs using them in the same instance and I was under the impression that they only caused latency issues if orders were rapidly spammed in a short period of time, which is something no honest player would do, if they were aware of the issue.
No doubt SLFs have incongruous statistics, and I was against the buffs they were given during testing, but they are exceptionally vulnerable to hitscan weapons beyond point blank range.
When facing decent railgun users, about all they are good for is absorbing two rail shots that might otherwise have been directed at the mothership:
Source: https://www.youtube.com/watch?v=sja0D9F381E