jamotide: 2 Shields? I don't think I have EVER been at the last Stand with less than full shields. With 4 shields its a cakewalk, only the rocket launcher can harm you.
Yeah, it helps immensely to have full sheilds. You can keep cloaking at 3, but you want to make sure you picked up the "cloaked weapons" augment along the way, so firing things like missles won't disrupt your cloak. While lots of drones is usefull for weaker enemies, I don't find them as good against the mothership. I did have a lot of sucess with a boarding drone (or two) keeping the Flagships personel busy while I transported rockmen (rockmen are the best for boarding with 150 hp, and fire resistance) over to attack their systems. Also, if you are fortunate enough to add a Zoltan or two to your crew, this frees up a power bar or two from your reactor for other good things like an additional weapon, or drone. Take as much time as possible earlier in the game ,to gain as much scrap, crewmen, augments, ect. Do your very best to visit as many beacons as possible to build your ship to the strongest possible before the "Last Stand". edit: btw, the "healing" drone can add quite a few points back to your hull during + *after* a battle with one of the first two incarnations of the flagship. This can be very usefull if you have plenty of drone parts, and there are no longer any repair stations to visit (and there seldom is, lol) You can even equip it right after a battle, heal your hull, un-equip it, and install whatever drone(s) you plan to use in the next battle