Short range, high damage torpedoes are great for FACs.
You move first, shoot first. Capital ships can only respond after the fact. So if you lurk outside of effective gun range until you're ready to race in there, you can essentially walk your torpedoes into an enemy hull at point blank range.
IE -- the Italian FAC published in Southern Front has two D6 (X4) torpedoes.
As torpedoes cut armor in half (rounded up), that means even an armor 5 vessel has the potential of being hurt. An armor 4 ship, if targeted by torpedoes at less than 2", is going to be hit on a 5+. Rolling two dice, that means you have about a 66% chance of drawing blood.
Torpedoes also roll D12 on the damage track, which usually means all four points of damage are going straight into the hull. You hit a ship that gives you three VPs per hull hit, and even if the FAC dies after its attack run, you've won more victory points than you've lost.
So that's the route I go with the attack craft.
With destroyers, I try and pick the longest reach torpedo I can. I use destroyers to supplement the firepower of bigger ships. And the longer they can reach, the more flexibility I have in deciding where to put them. It's not really like destroyers can do a lot of good with their guns.
With capital ships, like the Hunyadi, I choose a torpedo that compliments its armor and guns. With an armor rating of 4, the heavy cruiser is going to force most enemy ships to come within 5" to hurt it. Around there, its torpedoes -- which are slightly longer reaching -- stand a chance of drawing blood.
IS's fold up counters meant it was the only mini game I was able to buy and play in about the same day. And it goes to the local hobby shop at least two weekends out of the month