Updated Thu, Jun 24, 2010 by Space Junkie
The stiletto is a Minmatar interceptor that specializes in "tackling" enemy ships. That is, keeping them from escaping by warping out or by out-running other ships. It is an indispensable role in group combat, but also lends itself well to ganking weak targets. As the most flexible interceptor ship in EVE Online, it is a fantastic option for even new players, requiring relatively short skills to be trained as pre-requisites. It is probably the best option for a new Minmatar player looking to try a tech two ship in PvP.
Why Fly The Stiletto
The Stiletto is the most amazing interceptor in EVE Online. Period.
The best, most fantastic thing about the stiletto is that it has four mid-slots, making it the most flexible interceptor in the game. Due to this flexibility, there are several ways to fit it out. It also has a tracking speed bonus, which is excellent for shooting fast-moving light drones, a critical ability for a ship that is too fast to shoot but not quite fast enough to out-run Warrior II drones. This though it can go upwards of 4000 m/s without breaking a sweat (or having maxed out skills).
All this costs a little over 11mil ISK a pop, less nearly 4mil ISK insurance pay-out, as of this writing. Even with modules on top of that, it's pretty manageable for a newish player with a decent income stream to handle losing one, every few days, since an afternoon of level 2 or 3 missions should pay for a couple, without too much sweat. That makes it an excellent tech two ship for players that aren't quite "pro" but are ready to stop flying tech one ships.
Fitting Setup: Tank and Tackle
These are the smaller gun options available to you, for reasons of fitting and because smaller guns have better tracking, which is important for reasons that I will explain in a minute. If you like, you can upgrade to 150mm Light Autocannon II projectiles, but this will probably require Advanced Weapons Upgrades V and a power grid-boosting implant (the "Hardwiring - Inherent Implants 'Squire' PG4 is a good bet for that).
Barrage S is good because you need to get as much range as possible out of your guns, and can't handle too terrible a tracking penalty. In this case, the barrage yields an unbeatable extra +50% falloff range. The tracking penalty won't be a problem, even with your high speed, because of the stiletto's tracking bonus and the high tracking on its guns.
If you don't have tech two guns trained up yet (and I don't blame you if you haven't), use the best-named versions, "125mm Light Prototype I Automatic Cannon." In this case, you should use Carbonized Lead S. If you can afford it, Republic Fleet Carbonized Lead S is worth the pricetag.
The empty slot is necessary because of fitting limitations, though an offline "Salvager I" module might conceivably be helpful.