I picked up a couple of these recently off Bricklink. There aren't too many good factors about this set. Basil without a cape or weapon is unfortunate, and the catapult itself is ridiculous at best. The wagon wheels and lil pot are nice! And, personally, I've been a fan of Basil's torso.
Earlier castle sets used those 'flaming shot' pieces as gold, so if Wolfpack (for example) was to be at war with the Fright Knights, they'd run around gathering up the ammunition rather than being frightened. Maybe that is the point? Lure the enemy closer with a poor shooting, gold firing, catapult.