the Terrapin is a cool ship, even if it looks like a turtle. I flew mine for about 30 minutes today, it seems to me to be kind of light on weapons, but shielding and engine power are good. It has max speed of 1205 m/s on afterburner? I think that's right. It can outrun a Cutlass anyway.
The description they use is more what would describe a medium scout ship, but the armament and capabilities seem a little light on that front. With a ship like that, the idea is to be nosy and sneaky, but try not get into trouble - we'll see how that pans out. And if it's not working out, we can upgrade to something more capable.