The Caldari Falcon is a very specific tool. Unlike the Rokh which can perform many roles with different setups, a Falcon is really only suited to one role and that is the ECM jamming King.
Other ECM ships have better speed (Kitsune) or better defenses (Rook, Scorpion, Widow) or are just plain cheaper (Scorpion, Griffin, Blackbird, Kitsune) or even have other roles beyond jamming (Rook, Widow) but only the Falcon can jam and use the Covert Ops Cloak. For that reason it is feared and reviled the cluster over.
Beyond the ECM mods in the mid slots and some Signal Distortion Amplifiers in the lows (and the obligatory Covert Ops cloak!) most people don't give much further consideration to how to outfit the ship and for good reason, it can't really do anything else. Damage is piss poor, shield tank is horrible, and speed is lethargic. But with some imagination and a flair for adventure, you can play with the ship and have some fun with it.
(Click and see big!)
The Falcon I acquired from my production lines yesterday is going to be dedicated to gang operations, hence no need for damage or tank, just jamming. And a scan probe launcher to hunt down targets in space if need be and Derranna is not available with her awesome skills. With a jam strength of 12.5 and seven modules, it can lock down a couple enemy ships without too much effort. There is only one Minmatar specific jammer since their ships tend to have the lowest scan strength and are therefore have the best chance of being jammed by the other modules with their 4 strength.
Solo PvP Falcon
(Click to enhance your size!)
Yes, its fragile and has pathetic DPS. I know. I do it because its damn fun and will tide me over until I can cross train into another faction's Recon ships.
The idea is I can hunt like a ninja in a system, unseen and unheard, until I find the appropriate target and uncloak, jumping on him like a rabid poodle on an unsuspecting mailman. The jammers keep him from fighting back while I tackle and whittle him away with my blasters and missiles. The range of targets this ship can take on is very limited. Battlecruisers and battleships are definitely out, and well tanked cruisers could probably shrug it off, but frigates, destroyers, many cruisers, and Tech II flimsy ships are all prey to me. The advantage is surprise: a large vessel might be more deadly but if they can see you coming they will dock up or run away. The Falcon allows me to sidle up to targets before they even know I'm there.
I've used this setup to kill an Arbitrator before, and an AFK Rifter. Not much but it can work; and its fun.