How good? It's desperatingly bad

it's slow to run, slow to dive, has less punching power and can't go as far as the later fleet boats
yet....
-it is as quick under water as all fleet boats
-it has reliable torpedoes at the start of the war
-it can handle low-depth scenearios (Gulf of Lingayen) like no fleet boat can
And, besides what the cold numbers say, it packs a lot of romanticism in it, the tale of David vs. Goliath, and if you love manual targetting you can even practice shooting the real way S-Boats did: Without TDC at all!!
I definately like those little pesky pig boats