You don't loose materials. You lose some of few commodities used by Engineers. Easy to come by anyway.
I could care less for the materials, but you loose exploration data, bounties, combat bonds, powerplay bonds.
The turn rate of some ships is incredible, even if you boost away and turn with FA off, they manage to outturn you.
To compensate I switched the medium weapons on my Python now to turrets, that helps with the little mosquitoes, and also keeps big ships occupied.
Only disadvantage is they now spam even more chaff, do not know where they get all the ammunition for that.