Well, I can tell you one thing: Defense is TOO strong in this game.
I'm playing a Warlord Level HoF game (at 2100+ score now at 1400), and I attacked Russia with about 20 units of Artillery, a dozen Infantry, and about a dozen Cavalry, and went up against Pikemen for the most part, and some Knights.
It took me SIX turns to reduce ONE city which had 6 Pikemen defending. The first 3 turns were with 11 artillery units, the 4th with 16, the 5th and 6th with 20+. The city in this time went from size 12 to size 1, every building except Marketplace was destroyed, and only on turn 6 had I knocked all of the Pikemen down to 2 HP or 1 HP (2 were veteran, 4 were regular). When my Artillery did land blows, it was always 2 HP loss (unless unit had 2 HP left, then it ws 1 HP loss). With defense of 3 and 50% entrenchment bonus, and 10% terrain bonus (grassland), that's a defense of 5, vs. 12 artillery attack. I succeeded with a bombard maybe 35% of the time at most, it was about 25% when the city size was 7+. Then, it took more than half of my Infantry/Cavalry (by this point I still had about a dozen of each, some lost, more produced) to kill the 6 Pikemen with 1 or 2 HP (my units had 3 to 5 HP except one Cavalry unit had 2).
Ships are pretty much USELESS with bombarding...Frigates failed all bombard attempts on Spearmen and Pikemen, Ironclads succeeded twice out of 8 attempts (on city size 3 or lower).
I think bombardment is calculated differently than a regular attack...at least it seems like it. I've always thought in Civilization 2 and 3, defense has too high of an advantage over an attacker. I'm glad the Russians had no Saltpeter...I never would have won vs. Musketmen.
To answer question about RoF, it seems as though if the first shot lands, the second or third shot will land as well 100% of the time (if attacking a unit), unless the unit has 2 HP or less (if RoF=3, I'd imagine if 3 HP or less).