well, not THE best fighter weapon, but the small electric discharge is about on par with the small TK projector for psychics. of course, there are better weapons if you think you will only get one shot off, or if you are going after a planet. there are no fighter weapons that hit seekers, in the standard game anyway, but many (both mentioned above) hit fighters.
the 4x to shields is nice, unless you are fighting an organic race
with organics, i would not use shields and fill up on organic armor until your organic cost is equal to your mineral cost. that way you can pump ships out twice as fast. of course, using only organic weapons helps that too, by the time you are worring about starbases and dreadnaughts, you might be spending more organics than minerals, in which case it would not hurt to drop in a few shield generators.
if you try the armor only concept tho, be wary of crystal races, they will DO YOU IN. I have been able to defeat them by staying at max seeker range, but its dangerous without shields.
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"...the green, sticky spawn of the stars"
(with apologies to H.P.L.)