So as the debate about the Providence rages on I found this scenario lurking in the newest version, so I gave it a try :
Forces :
Republic: 3 Venator SD, 3 Dreadnaughts, 1 Carrack cruiser
CIS: 1 Providence
TAKE 1
Outcome: Providence destroyed, 1 Venator's health at 90 %
I decided to play as the Republic for the first time. After identifying the Providence's target ( the one all the missiles were flying to ), a Venator I quickly puled it back and formed a frigate line in front of it. The other two Venators flanked the Providence. The combined PD fire of all ships made short work of the missiles and any barely hit. The Providence was quickly destroyed.
TAKE 2
Outcome: Providence destroyed, 2 Venators destroyed
I basically just watched on this one. I was ''playing' as the CIS. The Providence was quickly overcome but managed to destroy 2 Venators at close range
TAKE 3
Outcome: Republic forces destroyed, Providence health at 100% (although the port shield projector was at 50% health

)
As soon as the scenario loaded i hit pause, put the tactics to passive and engaged the cloaking field on my Providence. I got to the back of the enemy formation and fired the missile and then gave a move order ( and since it was on passive it stopped firring and cloaked again). I did this many times until all enemy units were destroyed, although the protom torpedoes of the Venator SD's did manage to make some damage to the subsystems.