While I do find that the "all facings in target hex" clause to missile damage is *really* steep, I have to say that the main problem with the capital missile rules has absolutely nothing to do with the game mechanics; the main problem is the published scenarios and the minuscule maps used.
The scenarios tend to be abnormally small formations, crammed on one or two mapsheets; practically starting the game within missile range. This goes against the whole point of design of the ships, which is "defense in depth" with squadron-level formations.
Last summer I played a BB squadron-level scenario; my opponent used a number of custom Levs, representing a KessRith squadron (these customs included a Type:E DDG and a Hermes-expy) against my TOG Illustris Squadron. This was the first game he played in our group (though he did have experience in the game), so he was surprised when he saw our map; with forces starting 100 hexes apart.
With ample space to maneuver before closing in to maximum range, the two fleets deployed and adapted to enemy maneuvers; in his experience, the fast missile boats made a beeline for the Big Stick; the DDG died at the hands of a Morkanium's 100-point salvo before it had a chance to fire on the BB (choosing to fire at a Syracuse CA that was in range, the 150-point salvo was reduced to a measly 30 points by the Syracuse's and the Morkanium's point defense and the CA's shields). The FFG saw its 150-point salvo reduced to 20 [or 30... can't really remember right now] when it bypassed the BB's shields; would have been zero if the shields held.
My anti-fighter screen (ships armed with 50-point missile systems) made mincemeat of inbound fighter flights before my own squadrons could take out the stragglers.
All the while, the BB is circling in, taking out a Kess CG in a Type:E missile exchange; the Big stick received minimal damage (being protected by its own and its escort's point defense), but the CG could only bring its own turrets to bear... and its shields failed.
By this point, my opponent is trying to rally his fleet to protect his Big Stick, but it's too late: the Illustris closes to 15 hexes and begins the final two missile exchanges (with spinal mount and laser bay support); my fleet warding off missiles, fighters and other Levs. He conceded before his BB was a TOTAL ruin, conceding that a big-map game is a whole different animal from the itty-bitty slugfests typified by small maps.
After that, he built another fleet, well-balanced this time, designed with in-depth defense in mind... and proceeded to demonstrate the value of the strategy by exacting revenge (with extreme prejudice) on the same BB squadron a few weeks later... I blame bad dice and feng shui for my loss... no I don't want to talk about it... :D