Yeh, there is a definite and tangible bonus to being an AI craft, and in some ways it can be very frustrating - but it does make it all the more sweet when you finally win, since you know that you are able to beat the computer despite the injustice
As for the difficulty of races in the Meltdown campaign, I reckon there is a reason for that - races are a test of more than just of your skill as a pilot, but also a test of your strategic planning - knowing which weapons to use or absorb, as well as a test of your fighting spirit. It is also, perhaps unintentionally, a test of your patience and perseverance. Suffice it to say, however, that if you set your mind to achieving a win at any single circuit, you will start to see improvements, and eventually you will be competing for wins rather than struggling for 6th place. IMO, you cannot win a Meltdown race on Elite difficulty without copious and smart use of weapons (esp. at Sebenco and Chenghou), as well as being fast and clean. Certain weapons are worth considerably more in an Elite Meltdown race - speed boosts (and barrel rolls) are critically important; auto-pilot is hugely helpful for the tight corners at Chenghou and Ubermall, and the winding stretch at the end of Sebenco; quake is also very handy indeed, especially at the start of a race; I would always use these unless my shield is below 10. The others are useful too, but it is more of a judgement call as to whether you absorb them or not - if you are in 8th (usually so on the first lap), you should absorb anything that is not a boost, auto-pilot or quake (thus keeping your shield up and your weapon slot free for those weapons).
Also, when using auto-pilot, use it
and then absorb it rather than letting the computer disengage for you. Choosing where you disengage can be crucially important - for example, if you use AP for the first turn at Chenghou (a very good idea), it will not disengage until beyond the jumps. Unfortunately, auto-pilot chooses the centre of the track automatically, and misses speed pads. Having a full weapon slot also means you cannot pick up weapons while AP is on (unlike Shield), and hence you can miss critical chances to pick up weapons/replenish your shield (again, crucial at Chenghou). Critically, you cannot barrel roll when the AP is on. By disengaging manually after Turn 1 at Chenghou, you can pick up an extra weapon after the first mini-jump and barrel roll off the second, hence picking up a free speed boost and perhaps also a free shield boost too (if you absorb the weapon) - but you can't do this if you let the AP time itself out!
As I am discovering, these little tips and tricks may or may not have an impact on any individual race (since incidents always occur that screw up all your best plans
), but over the course of a tournament, they could be worth several points, which will make all the difference. So far, my best score in the Meltdown tournament is (only) 34, but I got creamed in the last race while in a good position (i.e. challenging for a podium), so I believe that 40 pts is within reach, and that would have been good enough to win the Gold on atleast one occasion. I reckon you need 44-45 to stand a much better chance of winning though.