They are one-shot, direct-fire missile weapons with a to-hit penalty that roll on the cluster chart.
I find them interesting to use if I want to have fun, but for a more competitive game the 'Mechs that use them run into all sorts of issues; on the one hand, you can deliver a lot of damage in a single turn, but then you're done. You need massed Rocket Launchers for them to really be effective... but at that point you're really probably better off with LRMs, which will offer a better range, be able to fire multiple times, and even if they can't fire as many missiles at once at least don't suffer a to-hit penalty. The ability to fire indirectly or use specialty ammunition is even more helpful.
They do work quite well on Conventional or AeroSpace Fighters or VTOLs as an alternative to bombs, and a Pegasus or Saladin that traded its weapons in for that mass of Rocket Launchers could be quite intimidating, but thus far no canon designs have impressed me much.
Better used for flavour than as the backbone of your force.