Seeker Missiles

Damage TypeWeapon Type
ExplosiveMissile
GoodNot Good
Firing and forgetting. Waiting for the missile to re-lock over and over while chasing your target can get tedious. 
Taking out modules at a distance. Ammo is low, especially in the smaller hardpoint sizes.
That cool missile locking sound. Damage is pretty low, and they’re terrible against shields.
Single missiles are easily countered by point defense. They sometimes fail to impact the vulnerable area of a targeted module depending on your angle to the target.
There’s a minimum distance that you need to be for missiles to lock. 

Size Notes

Larger missile racks have higher capacity, but the damage per missile is identical.

Powerplay

Packhounds

Fires a spread of 4 “drunk” mini-missiles. 
Best used en masse, but you’ll have to deal with high heat. 
Overwhelms point defense through numbers. 
Can strip surface modules clean off your target.
You need a 400m distance for the missiles to work properly. 

Engineering

High CapacityKind of fixes the low ammo problem. 
Lightweight If you want missiles on your mass sensitive ship. 
Rapid Fire Lets you fire missiles faster, although it’s not as useful here as it is with dumbfires because of the heat.
SturdyLowers the heat and lets you do full damage against all ships’ hulls. 

Experimental Effects

Double BracedThere are better ways to protect your modules.
Drag MunitionsSlows your target to “zero ENG pips” speed to help you keep the initiative. Doesn’t prevent boosting, though. 
Emissive MunitionsBlocks the sensor dropoff effect of heat sinks and low heat. The thermal load increase is noticeable. 
Flow ControlFrees up a tiny bit of power plant energy, but there are better ways to do that.
Multi-ServosFiring a tiny bit faster is not that great a bonus. 
Overload MunitionsChanges half of your damage to thermal to make the missiles better against shields. Not as good as it sounds. 
OversizedOne of the only ways to increase the actual damage of a missile. If you don’t care about the other experimentals, feel free to use this. 
Stripped DownFrees up a tiny bit of mass, but there are better ways to do that.
Thermal CascadeSimilar to Thermal Shock, but only on hits against shields…which missiles aren’t good at damaging.  It’s also very difficult to sustain fire which is required for heat based weapons to have a noticeable effect.