They are one of my favorite misiles on Pegasus, only downside is slow wind up time, in which they could be shoot down, If it would be faster would be better, I agree.
But they are still very good. Have auto aim, and hit HARD, if aren't shoot down.
And beam range protects them from small PD. But they are bad against ships like Onslaught, as it has really good PD, especially on front side. But they would annihilate anything without good PD.
Expanded Missile racks + Officer with missiles skill, and you are good to go! Won't run out of them before the end of a fight.