The missile launcher is a shoulder-fired Explosives weapon. It is heavy but powerful, and can fire several types of missiles. Multiple enemies can be hit with a single shot due to the blast radius of the explosion. Enemies not killed by the blast will often have multiple limbs crippled and will be easier to dispatch.
PCPlaystation 3Xbox 360 There is a bug where non-hitscan projectiles with explosions on impact do not apply projectile damage, only explosion damage. Since the missile launcher does not shoot hitscan projectiles, it is affected by this bug. [verified]
Playstation 3 There is a rare bug where every missile launcher added to your inventory disappears. It is not immediate. After anywhere between one in game hour and four in game days, it will no longer be in your inventory. This includes the unique launcher, Annabelle. [verified]