OK, I have some very interesting data to report.
Preliminaries
So in the first test I ran, I was looking at running collateral assults against an MA protecting pikemen. But before I get to that result, I want to report a pair of intermediate results.
1) I verified that Barrage II inflicted no more splash on pikes than barrage I did. This was done by splashing 4 pults of each kind (5 would redline, so that wouldn't help, but 4 should show any favorable rounding error - there isn't one).
2) Second, I splashed six unpromoted pults against an MA, and discovered they only did five pults worth of splash (55hp). That seemed odd, so I ran a couple more tests, and discovered that the barrage I promo moves the damage cap. ?!?!?!
int iMaxDamage = std::min(collateralDamageLimit(), (collateralDamageLimit() * (iCollateralStrength + iStrengthFactor)) / (iTheirStrength + iStrengthFactor));
Yeah, that second bad boy says that how hard you can redline the units depends on relative strengths, with the usual crazy integer rounding.
This can be seen by using mixed stacks of 5 catapults, and looking at the difference in HP between sending in the barrage pults first (bad), and sending in the barrage pults last (good!). So if you are trying to tune your catapults to a particular amount of splash damage, the Barrage promoted catapults go LAST.
Further note that Barrage II doesn't move the cap for this test, (nor Barrage III) because improving your collateral strength improves the damage cap only if your collateral strength is lower than their strength and you get lucky on the rounding....
Jump Points
Understanding that surprise, I ran two sets of tests. First, I compared knights with various promotions to pikes with various promotions at two hp levels: 55hp (the cap of unpromoted cats) and 50hp (the cap for Barrage I cats).
In the cases without jump points, the largest spread was a +2.5% survival rate for the knights, which comes to 0.5% per promoted catapult used in the softening up.
The two cases with jump points affected unpromoted knights only. Against a Combat II + Formation pike with 55hp, survival is 74.7 percent; with 50hp, the knight's survival improves to 88%. Against a Combat II pike, 55hp gives the knight an 88% chance of survival, where at 50hp survival was at 95.2%.
So there's a big win in there - but there are an awful lot of hit points between 55 and 50, and since the promotion is adding exactly 1hp of splash, we should be able to find the jump...
If I'm reading my notes correctly... the jump point against the C II + Formation pike is between 55 and 54 hp. In other words, you get almost all of the benefit from a single barrage promotion, if you remember to attack with that catapult last.
For the Combat II pike, the jump point was between 52hp and 51 hp, so you need to promote four catapults, including the last one, to Barrage I.
Now, that pretty much takes care of the biggest range. Anybody else is invited to check the other ranges
91 vs 90
82 vs 80
73 vs 70
64 vs 60
Conclusion
Assuming that my results hold (I always leave open the door that somebody finds a flaw in my experiment), I think we can pretty will cook the Barrage promotion for catapults in casual play. In most cases the marginal return appears to be pretty small; if you happen to have a jump point available in your neighborhood you can do better, and if you invest way to much time in this you can game the mechanics for the savings of one or two promotions. All of these caveats rest on top of our previous set (that collateral damage is worth more than direct damage, that we can ignore the ancillary benefits of survival, blah blah blah).
Edit: wow - I'm feeling lucky that I didn't lose this prose (originally tried to post it when the forum wasn't responding
Edit #2: fixed a sleepo caught by DanF5771