General Purpose A2A: Default nosegun (magazine size), default or quick recharge fuel tanks, fire suppression, stealth, hover stability.
The meta loadout for killing other aircraft, especially other ESFs.
Anti-Infantry: AI nosegun (Banshee, AH or Light PPA), default or quick recharge fuel tanks, fire suppression, stealth, hover stability.
Kill infantry with your nosegun. Avoid rockets, tank shells and bullets with the extra vertical thrust from hover stability. Escape flak and other aircraft with fuel tanks (or try to).
Hybrid: Default nosegun, rocketpods (Hellfire, Breaker, Dual Photon pods), fire suppression, stealth, hover stability.
A jack of all trades, master of none loadout. Attack ground vehicles and infantry with rocketpods and defend yourself from aircraft with your nosegun. Particularly useful for air squads, a group of these can be a big threat to infantry, ground vehicles and air.
General Purpose A2G: AI nosegun (Banshee, AH or Light PPA), Hornet Missiles, fire suppression, stealth, hover stability.
Kill infantry with your nosegun, kill ground vehicles with Hornets. While it can be a big threat to everything in the ground, especially in a group (which will allow you even to take down AA vehicles through focused fire), it is very vulnerable to other aircraft. Better left for fights with friendly AA or A2A support.
Liberator Hunter: Default nosegun, Tomcat Missiles or Wyrm, fire suppression, stealth or composite armor, hover stability.
Fire your nosegun in between wing mount reloads to kill Liberators (and Galaxies, and Valkyries) faster than with just a nosegun. Keep your guns on target throughout the entire fight, dodging incoming shots with vertical thrust. If you take composite armor over stealth, you’ll be able to survive a Dalton shot, but you’ll be more visible to other ESFs. Fight ESFs with mostly just your nosegun.
Hit & Run A2A: Rotary (M18 Rotary, Vortek, Maelstrom), any fuel tanks, fire suppression, stealth, racer.
Line up behind other ESFs and try to kill them before they can react, or at least turn around or escape. Run towards friendlies when getting tailed yourself. Useful in large air fights, especially carrier fights. Using this loadout in small scale air fights, especially one-on-ones, is generally better left for experienced players only. Underwhelming against large aircraft, mostly due to the poor vertical thrust of the Racer frame, which will make you an easier target given you need to be in hover mode to take them down reliably.