They're pretty good for swatting any aero, though the more I think about it, the more I think they work best at the extremes. Light fighters are the ones most likely to be seriously hurt by even a single missile, while mediums and larger will need multiple hits to lose appreciable amounts of armor. On the other end of things, spheroid ships hate lawn-dart rolls more than anything else. Because of their limited options in atmosphere movement-wise, if you can guess where they're likely to try to land and can manage to hide an Arrow unit or two in the area, it's perfectly reasonable that you'll be able to get multiple salvos off before they can move out of range.