Ok, so it seems that some folks have an issue with how the Corvettes are currently implemented, I do as well. So here is a suggestion that me and friend of mine who came up with it would love to have some discussion on and hope it helps the devs with the game. 
Some of the percieved promlems seem to be that Corvettes have a fuzzy role, are really(too much so) effective and easy to spam.
When I try to envision the Corvettes role the first thing that comes to mind is: harass and raid. Perhaps the role of a corvette should be to spread out in packs and harass enemy trade lines and resource extractors while picking off weak/defenseless/heavily damaged ships. Make the speed of a Corvette such that only fighters can catch them in a straight line run, decrease armor and make the shielding minimal, weapons deal x3(or more) damage vs Civilian ships and structures, normal dmg vs Light Armor and half damage vs Heavy Armor. Flak, Fighters and all Crusiers, Capitol Ships and Titans deal double damage to Corvettes. Give Corvettes an auto-mated function similar to the Explore ability of the scout that roams through enemy planets and targets Civilian structures and trade ships, when they are engaged in combat they withdraw to another system. Faction specific abilities: Advent: spreads cultures to all raided worlds, TEC: loots credits(avast ye matey!), Vasari: ????. You could make them auto cluster into groups when in the same system. Best defense against Corvettes: Hanger defenses loaded with fighters, roaming Carriers, and patrolling flak frigates(flak frigates can auto patrol trade lanes?), Starbases, other Corvettes(set to patrol your trade lanes).
In effect, make them worthless against most combat ship types, instead make them the bane of your enemies economy.
You could take this idea and make it as simple or as complicated as you like.
This is merely an idea of what I think might make Corvettes super cool and add to the game without making them OP, I may be very wrong and have made an unbalanced monster. Some critiquing would be greatly appreciated.
Thanks for reading!