What the bomb and flare aircraft achieved

Did the bombs dropped during the Taranto raid have any effect?

Yes. They ignited oil storage and damaged a destroyer and cruiser while flare aircraft illuminated the harbour.

Sixteen flares were dropped east of the harbour to silhouette targets for the torpedo crews. Bomb-carrying Swordfish set oil tanks alight and damaged a destroyer and a cruiser. The bombs are later identified more precisely as 250-pound semi-armour-piercing weapons. Illumination and bombing were integrated with the torpedo attack, even though defective bombs limited the damage.