HP and FP both serve to change how many combat rounds a battle lasts, and can end up cancelling each other out. 2 Firepower vs 20HP means you'll still last 10 combat rounds.
Furthermore, if you do an analysis of the combat effects of increasing the Attack of a unit, compared to the HP of a unit, or the FP of a unit, you will find that they are virtually identical. All that these serve to do is linearly increase the Combat Power of a unit. Try it out with the war-calculator.
Civ2's system of doubling the HP of gunpowder era unit never made any sense. If anything, it should be their Firepower, but more importantly, the overall effect is that a Musketeer fights as though it had an Attack/Defense of 6. Why not just do that, I wonder?
Fiddling with HP can be used as a means of fine-tuning the combat powers of a unit when you'd otherwise be stuck choosing between an strength of "1" or "2". However, this just suggests that no units should ever had combat stats that low.
Increasing Firepower or decreasing HP can also serve to add more "luck" to battles, since they'll last fewer rounds. Consider that in a 5v4 battle, with 10HP on each side, the attacker has a 68% chance to win, but with 100HP on each side it jumps to 94%. HP/FP ratios can be used to control how much the dice control the outcome of battles, changing the "flavor" of warfare.
There is one case however where FP and HP have a unique effect in combat: Bombardment. In bombardment attacks, a hit is either delivered, or it misses, no "battle to the end". This means that the ability of bombarders to do damage is limited by their firepower, since although their attack strength could be high enough to guarantee hits, they only get a finite number of shots. Similarly, units on the receiving end, if their HP is high enough can show great resilience to damage that one might not expect from their direct-combat statistics.
But overall, the effect of a 4-Def. unit with 20HP is indistinguishable from an 8-Def. unit with 10HP that has an ability that says "Takes half damage from bombardment".
My opinion is this: HP and FP should be used as tools to change the style and properties of a battle, but NOT to grant units "Extra Power" that is hidden from their Attack/Defense stats.
- If you want to make a unit more "all or nothing" in it's attacks, of raise the damage-ceiling of bombardment, then increase its Firepower.
- If you want to make a unit resistant to bombardment, or make its combat less prone to randomness, then increase it's Hit Points.
- If you want to make a unit stronger, increase it's Attack/Defense.