U(n)=U(n-1)*1.3 is a formula you can use for any level.
The only problem I found with a small increment on the initial levels is that it's actually sometimes theoretically easier to level on later ranks, due to the way the points are given out. Starting with 1.65 seems to jack it up nicely at the beginning, and then the 1.15 levels it off after 10, while still providing a good challenge. But it will I'm sure need tweaking as we go.
Re: terr regeneration, it was reduced to 5% per upgrade with a max of 50%. Hopefully this will work well enough. Getting a full 50% is pretty high up in the levels for terrs, and this makes sense considering they'll be struggling to get away from thors, L2 jav bombs, shrapnel, multifire from most ships, etc.
Sharks have only L1 bullets (this means 520 damage; dmg can't be adjusted per-ship unfortunately). This will only result in one-hit kills for the very low levels or those who are simply low on energy. Again, essentially a can of mace -- it's probably not going to kill the person trying to attack you, but it will perhaps make them think twice about rushing you. This will also give a shark something to be able to fire while moving in reverse, normally a very weak position for it. However, the bullet is still quite slow and might have its velocity reduced to almost nothing if moving too quickly in reverse ...
Also, you mentioned sharks EMPing and then firing this bullet -- a somewhat unfortunate key difference in this game is that sharks do not have EMP. This was done so that EMP can be given a different damage level (about 30% of normal dmg) and the levi can be made into a basing ship while still retaining fast bombing capability. Sharks being given guns is a way to return to them a bit of that lost power. (They also have the option for multifire, as does every other ship.) They also have a somewhat unexpected ability awaiting them in the later levels...
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