It was a light gunship, designed to use against fighters, and therefore was armed with lighter laser cannons and shields than a heavy-assault ship.
The Corellian Corvette was a very fast, agile, and meneuverable ship for it's size. It could boost all power to it's engines at the expense of firepower while this is active and it also lasted quite a while. But aside from the corvettes speed and maneuverability capabilities, the Corellian Corvette was extremely effective at taking down any fighter or bomber it came across and could do it quickly and effectively. If the Corellian Corvette is at any point getting beaten, it can always fire up the engines and retreat somewhere safe. Corellian Corvettes also seem to posses a medium amount of armor and shields, giving the Corellian Corvette some durability to work with. They also seem to be very effective if they team up with Corellian Gunships and Nebulon-B Frigates.
While the Corellian Corvette was very fast and had some durability to work with, they would still tend to leave bigger battles either heavily damaged or not at all. They also cannot hold their own against frigates and capital ships because their weapons are designed for anti-figher duty.
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