I don't have a lot to add, but I'll just point out that the Cobra is by no means a poor combat ship. I had a fight with a well known 'giant killer' cobra pilot the other day, in my full meta FDL against his SHIELDLESS Cobra. Now, I admit I'm not great in the FDL, and of course the meta loadout, 3 PAs and 2 rails isn't exactly ideal for attacking something no thicker than a frisbee, I prefer other ships to fly myself, but still, on paper it was a total mismatch.
I made the huge mistake of assuming that this would be an easy fight and spent the first 5 minutes toying with him trying to snipe his FSD. Then I realised his damage was piling up. Now, this particular pilot uses premium and I don't begrudge him that, his MO is taking down meta pvp ships in his shieldless cobra and as such, premium is an important facet of that otherwise he wouldn't have a chance, so yeh, he's doing the equivalent of three large overcharged multicannons while being nearly impossible to hit.
Anyway, long story short, I eventually killed him via pp snipe with my hull at 40% after a 20 minute fight. Totally unexpected. He gave me props on my 'tough as an old dog' FDL and I was like...gg man, omg it's like trying to catch a greased weasel.
We have developed a nomenclature for quality cobra pilots; dangerous pancakes.