Pros:
Good arcs
Fast turn speed
Multi-range capabilities
No projectile Arc so easy to shoot (I think it's because it's particle)
No arming time (so they can't get close to make it's shots ineffective)
Cons:
Tiny explosive damage (Takes too long to kill them)
Inferior fire stacking to flamer (Why not use a flamer dummy)
In terms of Hull break
Its a matter of preference really, on my meta junker I found that the enemy would easily run away from mortar shots (since the projectile speed is so slow) on the gat mortar combo and it frustrated me to no end. Then I tried light flak but they would just stick close to avoid it's arming time. Then I tried Artemis, and they flew up to avoid it's arcs -_-. I then tried the Banshee and well... it wasn't great but I eventually killed them. The fire damage added pressure on their armor repairs and it gave me enough time to get the front Artemis in arc. The Mortar could have probably finished him off had my crew mate led his mortar shots a bit more but I said the same thing on the gat mortar squid and the banshee took the mortar's place.
Honestly though I just wanted shots to hit and be effective. It's easy to shoot, hard to escape from, and after the first armor break, you don't need to wait for armor break.
In terms of ranged flames
The Banshee has no arming time and so you can use it in close range and long range. It has good arcs so the enemy is going to have a hard time escaping from it, and you can chase with it as well (since it has decent side arcs). It has no arming time, so provided you have close range weaponry...... Ok, so I'm basically comparing it to the Hades and repeating myself.....umm
Ok, I have an example. I have a full disable Junker.
It has double Artemis on port, front banshee, and double carro starboard. It has disable on both sides but both sides have guns with weird arcs and different ranges. The banshee has good arcs so you can angle yourself to avoid enemy arcs while all three guns are still shooting and it has multi range capabilities. Once the Artemis breaks components at range, those take time to rebuild and in that time chem sprays won't be applied.... Banshee applies fire to neglected components at range. The carronades will break everything except the hull health but the banshee has explosive.... Banshee breaks hull health and applies fire to make sure components don't stay up for very long.
It's not that effective but the banshee has a place on this ship and I don't think another gun can replace it.
If you need to apply fire at long and short range then banshee it up but make sure you have something to break the hull or components as well. You want something to break chem spray rotations.
I would say try use it on a Hwatcha or Blender fish, both disable and work well with fire. Also if you need to hit below when an enemy tries to avoid your heavy carro arcs, a banshee can be just the range and pressure that you need while you get the heavy carro in arc.