I even think theres an increasing marignal utility till the point that you can fully hit you enemy.
I never use more then 2 as you won't have any tank then -.-
I also use torps, those t2 long range ones work fine they also benefit more from target painters.
In pvp it's good for the whole group, not just for you.
If you paint a target, and someone tries to target him afterwards then he will target much faster as the targets size increased.
In pvp I kill a raven in a 10-20 seconds with my abaddon, i got 1.2k dps EM dmg so raven has no chance

but in pve doing missions and stuff a raven is much better because of the shield tank.
PS: PVP: If you can fly an armageddon with T2 lasers, try to fit some heat sinks, tracking enhancers and long range ammo. ( +- 80km range )
I instapopped about 50 T2 frigs

and cruisers are gone in 2-3 volleys.
PVE: Try to find the raven setup on battleclinic.com, it's pure awesomeness
