It would certainly help the tension in the game. In addition, a missile lock warning could be put in. (In today's air combat, a missile lock is shown as a hard radar spike) I'm sure that it could be implemented in some way, shape, or form. It would certainly add to the feel of the game, that's for sure.

It would also allow for the addition of deadlier (Faster, better maneuverability, etc.)missiles without upsetting the skill factor.

Much like how flare tossing is a skill, simply because it requires aiming. This would add the skill of acquiring a good lock, and therefore balanced against its ability to hit with higher regularity.

I like it. Probably been suggested before though.