Missiles are excellent weapons for PvP. They have versatility for damage types and do not have to worry about tracking, optimal, falloff, or capacitor use, so they can be extremely deadly to ships like the Arbitrator, Curse, and Pilgrim, which rely on cap warfare and tracking disruption to win engagements. As long as the target is in your sphere of death, you'll hit.

As an added benefit, using FoF missiles, you can still damage an enemy even when you're jammed.

They do have their own issues however. First of all, the higher damage missiles (heavies, heasy assault, cruise, torps) have problems damaging targets that are small and moving quickly. This is due to their explosion radius and velocity attributes - the effects of these are too much to go into detail here, but you should read up on them and understand how they work.

Missiles are also looked down upon for large scale, at-a-distance fleet battles because of their flight time. In practice, this really isn't much of an issue. Here's why:

For solo and small gang PvP, you're going to be in point range which is generally 24km or less. At these ranges, missile flight time is small enough that it simply isn't a factor at all and can be ignored. For large fleet battles, missile ships will concentrate on secondary and tertiary targets because the primary target will often be dead by the time the missiles get there. So, they will often end up dealing less damage overall than turret ships, but they're not at all useless.

TL;DR: Good: No tracking/optimal/falloff/cap use issues. Selectable damage types. Fire while jammed. Cons: Large missiles have difficulties hitting small and fast targets. Missile flight time can be a problem at ranges of 100km or more.