re: Do photon torpedoes serve any function that phasers don't?

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Also helps to shoot a spread of torpedoes at multiple targets.

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Good point - spreads are also effective against a single target - gives them fewer options for evasion or counter measures.

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Phasers were fast, but localized to one target at a time

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Depends on the number and type of arrays - I think the Galaxies and Sovereigns can fire on multiples targets with their numerous arrays and targeting system. It does spread out your firepower, though, vice concentrating on 1 target at a time.