I've put up a couple posts about this. Look in the general section for a post about HC's vs. Illums. HC's are listed as beating anything except bombers. HC's counter Light Frigs, Long Range Frigs, Seige Frigs, Flak, Carriers with fighters, suppot cruisers, other HC's (they get a bonus attacking themselves).
Currently Illums beat enforcers and are about equal to kodiaks. HC's are listed as countering Illums. They don't. You wanna call that balance? I'd rather have balance like C&C were all of the counters are over the top than a game like this where some are over the top but others aren't.
Balance is my only issue with this game. Ask anyone about repulse and see what kind of reactions you get.