I thought this was an interesting article about a not so well known Russian vessel. The torpedos I assume would be released out the back while driving toward a target. With the speed of the boats the could easily launch and then maneuver out of the way. They didnt have seeking torpedos so launching them in passive mode would probably be out of the question. Please correct me if I'm wrong there :} Military Analysis: G-5.
The G-5 owed some of its DNA to the British CMBs of WWI, which executed a dramatic raid on Kronshtadt during the Intervention. The CMBs also launched their torpedoes from stern troughs. Early MTBs and PTs had stern troughs, but the advantages of tubes eventually made them standard in all navies. As killers of warships, motor torpedo boats never lived up to the hype, but they had many other uses. The G-5's, though still being built in 1939, were a bit small and obsolescent. They suffered for having metal hulls subject to corrosion. The Soviets went on to larger wooden boats with torpedo tubes.
The Finns used one too: Vasama class motor torpedo boat - Wikipedia, the free encyclopedia Small Ships and Boats of the Finnish Navy and a few good pics M-Hobby Publishing - Armada series ARM-019 G-5 Torpedo Boat on www.Aviapress.com. Model kits, Military Books and Magazines - the choice of the whole internet.
Don't forget the good ol' US PT Boats, they had a decent amount of success in the Pacific! PT boat - Wikipedia, the free encyclopedia
The best motor torpedo boats of the war were the German diesel-powered S-boats. Their capabilities put them in an entirely different class from all others. The fact that they were twice the size of most Allied MTBs also helped. The worst MTB fleet belonged to the Japanese, and there's no doubt about it. There was a problem with procuring engines for them, so a large number were left with 17-25 knots top speed. This might have been tolerable if they'd been brawny, but these were little 20-ton things built along the Italian model. The Finns reportedly captured some Soviet mini-MTBs, but I haven't been able to find out much on them.