Same on my DS, homing propreties doesn't seem to work.

Edit : On single player i see them doing red smoke instead but otherwise don't seem to lock or fly toward things, unfortunately.

I have a similar issue on DS. Missiles look like they aren't homing, but explosions appear on the target ship (and it takes damage) as if they are homing.

Launchers set to use a camera also don't seem to home at all, the missiles just fly off to the sides and the target takes no damage. Only turrets or launchers set to "launcher direction" seem to actually home.

Had trouble getting the turrets to fire in the first place, but they eventually started working.

Works fine in SP.