The fact that this ship is free and posesses some unique characteristics makes it a perfect troll ship. It's very fast up wind and down wind, can have approx. 400 crew as a 6th rate and has fairly good guns. It's sails can be easily hidden from chains.
As a result it starts to appear in every battle as a chasing ship which is hard to get rid of. It's also a ship used to hunt players in protected zones, because whatever - you'll loose a ship and get another one. Zones loose their meaning.
It's like in poker - playing without money destroys the game. Here however it's an even stronger problem - only some players play with money, some don't.
Overall this ship is a problem, so is a free Herc. I think they need a few changes:
it's sailing characteristics should be modified. Currently on 60% sails it's faster in teak/wo configuration than eg. teak/fir Endymion with 100% sails (both going against the wind with pirate rig)
it's crew should be adjusted to some reasonable level
premium ships should be a bit harder to replace, to give their owners a reason to not to sink one anytime they feel like it. Eg one of the above:
use longer redeem cooldown (eg. 2 weeks?)
still require a player to pay some small amount of PvP marks (eg. 3) for redeeming it
allow for other players to get the ship in-game, however at a significant cost (eg. after an epic event)