Hoshikos are a really nice cushion for damage coming your way, that and they're incredibly cheap. You would be a fool to not keep a sizable number of them in your fleet.
HOWEVER
Vasari Overseers have their own advantages as well. While more expensive, you get plenty of bang for your buck. My reasons:
1. They're wonderful to include in an attack. They can sense incoming fleets so you can high-tail it out of there quickly if you're outmatched, and the jump degredation for the same reason.
2. Now here's where it gets controvertial. Personally, I like the Overseer's reactive nanite armor over the repair bots. This is because, in the heat of battle, if somthing is being hit so hard that it needs a repair, it will need it quickly. My main qualm with Hoshikos is that, while providing a nice comfy cushion for damage, it is not effective at truly assisting in survival. When a few seconds are all there is between the life and death of a capital ship, the instant 250 hull is wonderful, even if it is for a set amount of time. AND the armor bonus is a great boon to actually help your ship survive the battle.
Before I get flamed, I will say again: Hoshikos are wonderful things. Wonderful healing things. That on top of their destructo-bots makes them a powerful force. Not as "strategic" as the overseer, per se, but it's a nice combat boon, and who doesn't love that? 
[IE]Tal Gendron'nh 