Corvettes still need some tweaks. I think they will be balanced out more in the future, though. They already upped the supply cost of corvettes from 1 to 2.
They are most effective when combined with a larger fleet, backed with supportive cruisers (especially Hoshiko's are very useful) so that they won't die that quickly. The main point of a corvette is still to draw enemy fire away from more important ships, it seems.