I like the line of thought that... the FE models [are] the 3rd generation of Tau ships, (the 2nd being the Hero)
True, Evolution in Tau design= Explorer-->Merchant-->Orca-->Defender--->Hero--->Messenger? Given the space between Explorer and Hero is 1000 years, Merchant isn't listed (although presumably Tau shipbuilding philosophy comes out with something new every couple hundred years.
However it would seem that both the hero and messenger could be considered in the 'second gen' category.
So for the merchant, it shouldn't be more technologically advanced than the IN, whose CLs only have 1 shield. Although it can have more hits, as Tau vessels are noted as being forcibly larger than average to contain all the necessary systems.
However, a lance Merchant (6 hits with Ion Cannons) compared to a dauntless:
The Merchant gains: More focusable firepower (in the front) about equal on the sides. Longer range
Dauntless: 1 more lance, +10cm speed (hell of a lot more threat range) 90' turns
In my eyes the speed really counteracts the range of the Merchant, and 1 additional lance is well, slightly less than 6fp, but the firepower at that range is not as worthwhile. Not only that but the Merchant nearly always wants to keep it's prow towards enemies (for internal fleet interaction). Whereas the Dauntless' increased maneuverability makes it a lot better at being defensive/performing light cruiser duties.
I suppose I could see the merchant at 110, but that's probably the lowest.
However, on tau's win record. They have readily available access to 8lb carriers (which are 2/3 as expensive as everyone else's) and a wave of 8 bombers is more than twice as effective as a wave of 4. Not only that but tau bombers are resilient, so they're somewhat like 1.5 bombers when someone is defending against them.
Spamming ordinance is one of the best ways for people to win tournaments, if not 'the' way. Ork players do it (6terror ships and nothing else?) Tau (anyone ever seen 6 explorers, it's pretty douchey.), even Chaos have had a few cries of cheese at their Devestation lists.
Although Ork ordinance is better than 'normal ordinance' in FAQ 2007 by a sizable margin (124% effective), certainly inflating the terror ship list win record, however in FAQ 2010 they returned to a place about 80% as effective as regular ordinance. Which means that when it becomes official we won't likely see any Orks winning Adepticon.