Well this is a topic that hasn't come up in a bit
Myself - War Frigate... All about the power baby yea! True - only a 12 cargo hold instead of 16 - but with the power to take on almost any ship and survive quiet easily I think its worth the 4 Cargo Loss.
For a 'back to the future' reference, here's the past thread also on the same topic over in the Sails and Ships Section...
http://www.piratesonlineforums.com/f...ht=war+frigate