From the source that keeps getting referenced:
"The odds that the attacker will win each round is given by A/(A+D), so the odds the defender wins a round is D/(A+D)."
It is a coin flip in the sense that one of the two combatants "wins" the round and takes no damage, but it's a weighted coin flip.
The combatant with more first-strike promotions gets a few combat rounds at the start of combat where it takes no damage even if it "loses" the coin flip - although it can deal damage by winning.
However, it generally isn't worthwhile. This is because usually it is the top defender that is the big threat to your attack - suiciding catapults quickly collateral other defenders out of the picture, but a hilltop city longbowman with guerilla 2, drill, and city garrison 2 can hold out a long time against catapults (without CR1, odds are that you lose the first 8 catapults you send at that monster; with CR1, you're likely to lose "only' 5). If the enemy has an absurdly large stack defending their city, then Barrage for the first few might start to pay off in comparison... of course, faced with a medieval city defended by a huge stack when all you have is catapults, the best option is to turn around and go home.
"The odds that the attacker will win each round is given by A/(A+D), so the odds the defender wins a round is D/(A+D)."
It is a coin flip in the sense that one of the two combatants "wins" the round and takes no damage, but it's a weighted coin flip.
The combatant with more first-strike promotions gets a few combat rounds at the start of combat where it takes no damage even if it "loses" the coin flip - although it can deal damage by winning.
However, it generally isn't worthwhile. This is because usually it is the top defender that is the big threat to your attack - suiciding catapults quickly collateral other defenders out of the picture, but a hilltop city longbowman with guerilla 2, drill, and city garrison 2 can hold out a long time against catapults (without CR1, odds are that you lose the first 8 catapults you send at that monster; with CR1, you're likely to lose "only' 5). If the enemy has an absurdly large stack defending their city, then Barrage for the first few might start to pay off in comparison... of course, faced with a medieval city defended by a huge stack when all you have is catapults, the best option is to turn around and go home.