Cap'n Kobold
Hero
I would definitely say that late Tier 2, Chromatic Orb is better than fireball.
At lower levels the comparison is more towards fireball, but Chromatic Orb scales so much better once you're rolling enough dice that bounces become reliable.
Generally I've seen it used by Sorcerors, who have the advantage or often having advantage on the attack rolls.
While the attack rolls make it riskier, its ability to pick the damage type and hit multiple targets when they are mixed in with the rest of the party means that it is a good spell even for later in the fight, whereas fireball is often really only useful if you can get it off before the opposition moves - which means that it often competes with a control or buff spell you might want to start with as well.
At lower levels the comparison is more towards fireball, but Chromatic Orb scales so much better once you're rolling enough dice that bounces become reliable.
Generally I've seen it used by Sorcerors, who have the advantage or often having advantage on the attack rolls.
While the attack rolls make it riskier, its ability to pick the damage type and hit multiple targets when they are mixed in with the rest of the party means that it is a good spell even for later in the fight, whereas fireball is often really only useful if you can get it off before the opposition moves - which means that it often competes with a control or buff spell you might want to start with as well.