Honestly, fighter missiles hit way too well. Giving up a hull buster isn't a big sacrifice at all. I was having a nice little fight with someone on my Eagle with silencer CM, all missiles were fired at around 300-400m and I popped one or two CM's per depending on how hard I was facerolling on the C key. Around two thirds of them still hit. I'm not really seeing the 80-85% effectiveness reflected here. Don't know why exactly the 25-30% effectiveness of missiles hitting I've heard of isn't seen at all in fights I have.
Also, I hate to be a whiner but when you consider just how fast missiles move there's a large chance you might not get to actually GET a CM off. Missiles work the same as torps speed-wise. If you thrust, that speed is added. Let's look at firestalkers, 303m/s. Add the 200 m/s of thrust onto that, 503m/s. So most situations if they're smart you get .6-7 seconds to pop a CM off and, from experience, it most likely won't even stop the missile. As for blowing them up with CD's.. Well, that's completely chance unless they're being really predictable and/or spamming like a fool. And if you do manage to blow them up, they'll most likely be so far from the ship that it barely takes any damage.
Now, luckily the dude had utterly no aim or me being at 20 or so bots would've been fairly screwed.