In the early game I seem to have the most success with Stilettos armed with two Sparrowhawk's and one Shiva Cannon. A Stiletto with three Shiva Cannons is able to shoot down a Scout, but nothing else. However, when money is tight, having one Stiletto armed with three Shiva's accompany a better armed Stiletto can work. However they're armed, sending two Stilettos at the same time increases your odds dramatically. If you use the Saracen, it seems to take at least two to take on a Fighter or larger. With base space so limited, I find it difficult to take advantage of them.
Using Saracen at other bases would be easier if there was a way to permanently equip the guards at my base, rather than having to do it every time the base gets attacked (for bases without dropships). Then I could build a couple or three bases that specialize in Saracen interceptors.
In 2.2.1 I found armor to be worthless, but it seems to do some good in 2.3. This is especially true since it's easier to intercept UFOs in 2.3.
The Fuel Pod is useless in all versions so far. It needs to either carry a lot more fuel so that it actually increases range, or else it needs the speed penalties removed and just add the fuel.
BTW could the Stiletto possibly be changed so that it uses a single, centered medium weapon mount? As it is now, you place one medium weapon on one wing, and a light weapon on the other wing, and the whole thing is lop-sided. It never makes sense to use two medium weapons since the penalties are too painful.