Reagan's strategy worked like a charm: Just do research (quite a bit, but it has side benefits for commercial apps), and scare the Soviets enough to get them to spend themselves into the ground. People complain about Reagan's intellect, but the current administration seems clueless about this strategy, and are now bent on spending *us* into the ground, because there's a 1% chance that someone might launch a missile, although its much more likely that a dirty bomb or delivery via boat/plane would be used, especially by terrorists. Side note, that 1% number is an actual policy outlined in Ron Susskind's new book
covered in yesterday's http://www.washingtonpost.com/wp-dyn/content/blog/2006/06/19/BL2006061900578.html; its kinda scary!.
Its expensive, its got an error rate that's so far from usable that its a complete waste of money. I have a friend who used to work on it at TRW, and he's confirmed a lot of the negative reviews on the intercept software...
Strategically, missiles are moribund. If N. Korea or Iran were ever to really push the button, with the current administration there'd be no doubt that we would incinerate every person in those countries instantaneously. The bomb in a shipping container is much more likely and almost eliminates retribution: if I were the Koreans, I'd use that route too! The missiles are just for boasting about their technological progress, which we can safely laugh at.
I don't think it's quite fair to condemn a whole program because of a single slip-up, sir,

Buffy