Ok, a bit more Research later, and as CanHasGank says my initial thoughts are pretty much accurate. They are just too expensive to risk, it's not that they can't fight but that they aren't worth risking (like mauraders).
If you are going to use one in combat, general consensus seems to be that the Widow is the way forward as it can hold a double Tech 2 rainbow ECM spread.
There is a corp I know of (that shall remain nameless) that fields 4 Black Ops battleships on operations.
1 jump boat, usually a Panther (unsure why and will try to find out)
1 Panther and 1 Redeemer both Armour tanked and heavy Gank (designed to take out Guardians or other logistics in Hac fleets)
1 Widow, this is the centre piece of the op, and shuts down the logistics, and then high profile targets such as Falcon's or High Damage such as Megathron's.
Brief description of a memorable engagement according to my friend as follows.
Hack gang of around 40 are spotted (not the only targets that night, but the BS are only deployed against high value fleets, high risk)
The hunter picks on a logistics member, points and opens cyno.
The Bridger opens a Bridge and around 20 Stealth bombers jump on the bridge along with 4 falcons, a rapier and 3 T3 Logistics.
The Hac fleet engages, primarying the falcons' and switching fire from the initial covert cyno pilot believe the risk is over.
Wrong, the next cycle once the Hac's are committed, the 3 Black ops battleships jump themselves to the cyno all at once. The Falcons continue to jam the Hac's while the widow jams 2 of the 3 guardians and a command ships.
The Battleships wipe out the shut down logistics in 2 jam cycles, while the stelth bombers anihilate the Hacs.
Once there Guardians are down the fleet basically scatters. End of engagement, 34 Black ops Vs 38 Hacs a Night Hawk and 3 guardians of them. About 7-8 Hac's and the night hawk escaped, for the loss of one stealth bomber and Tengu.
Talk about overwhelming force.
EDIT: Here is some interesting information for you, Enemy black ops battleships can see and warp to friendly covert cyno's I'm informed... This makes Black Ops battleships the only way to detect and counter a Covert bridge, useful for Jammed systems defence.
After a IM convo with the Redeemer pilot his input was this thing is Crazy hungry for Cap, jumping (even with excellent skills) sucks 75% of your cap leaving you with very little for your Pulse/Beam lasers, let alone armour rep... Heavy Navy Cap Boosters are a must for the Redeemer who is jumping into combat!!! instead he has had good success by actually being bait and opening a covert cyno himself to save cap, it is unexpected and expensive risk... however the Redeemer has best EHP of the Black Ops and as long as you have scouts to check force size you are more likely to get juicy targets come take a look at you. Nice tip, but this guy is insane and has more ISK then sense. :D