The rocket Commando has been used against me a few times. The first time I think it with with a decent amount of the rockets and launchers. The second time, not to many landed, both launchers and rockets per launcher. I believe that there was even a rocket Cyclops that was thrown at me before. I don't recall how much damage the Cyclops did, but from that point on it wasn't perceived as much of a threat.
I have never used a rocket launcher as far as I can remember, so the BV put into them doesn't really come to mind as far as their cost and perceived value. Being hit by them, if the player isn't going for a low TN# and popping them all off then it seems like a waste to me. As the defender, I like that they just burned some BV by either burning those BV points for the launchers, or neutering their unit that is based upon rockets as they seem to have little to use afterwards. Perhaps its perception, but I like the idea of those rockets missing hard.
In a one off game regulated by BV, I would say their value is rather limited. If you are playing a campaign and don't mind pulling units off of the field before they have taken significant damage then using lots of RLs and fleeing isn't a bad idea. One hits you with a penalty for having a unit that is now unarmed, while the other mode might not hurt you for such a unit walking off of the map. Personally, I'd rather have the unit using LRMs providing indirect fire instead of playing a kamikaze role.