With me just botting it seemed to consist of: warp to a sector, roll & strafe, kill bot, repeat. Every so often another bot would appear before I killed the first, but it rarely flanked me, and so didn't hit.

2 of us grouped and went a botting, seemed to consist of: warp to a sector, if we are together there is usually 2 bots on us, so you have to lock onto and roll & strafe that one, otherwise you get killed very quickly. If one of us dies, there is a high chance of getting flanked by the bot that was attacking my groupmate - death or retreat shortly follows.
We also seem to have to kill twice the bots, for half the reward each.

So botting in a group seems to be:
a) Signicicantly harder - so much for grouping up to take on tougher bots, the game adjusts and makes it more difficult.
b) Less rewarding.
Not much of a reason to group?

There is repairing each other I suppose, but since I have no large slots on my ship, this option is removed.

Thoughts?

You aren't killing twice the bots for half the reward, if each of you does his half you are still killing the same number of bots for the same reward.

Space yourselves out a little bit, keep about 500 to 1000 meters between each other to help prevent the bots from ganging up so much. Thats close enough for an assist if you see your groupmate taking heavy damage, but far enough away that each person has enough room to work.

As for the rewards, see this thread in the bugs forum
http://www.vendetta-online.com/x/msgboard/2/7150