I was playing around with one on trial at the crown yesterday in a huge slug fest with a ton of armor present and I noticed a few bugs or discrepancies with how the launcher functions. First off, it seem to intermittently be able to lock on to Phalanx Turrets (I suppose only when they're occupied?) but can't actually damage them unless you're well above them since the projectile homes in on a point that is inside the base of the mounting so the rocket splashes harmlessly off of static terrain. I also noticed a few instances where I locked on to a non-moving vehicle but the rocket would consistently explode what looked like just short of the target without doing damage (this was around 300-350 meters, from the hill north of the Crossroads Watchtower to a point on the western side of the Crown tower, along the side of the physical tower structure) Lastly, and this is more an annoying mechanic than a bug, when you lock on to a target and point the launcher at an angle the rocket will still fire straight toward the target instead of firing in the direction the launcher is pointing and then homing normally (with its normal turning radius). This makes it impossible to ark lock-on rockets over terrain or around obstacles that may prevent a rocket from hitting even though a lock-on has been achieved and seems inconsistent with how other weapons function.
