Aren't missiles also a particle effect with the decision regarding impact decided prior to the actual hit? I know that you can phase out before they hit you, but the HP reduction is not synced with the impact, making me wonder when the game calculates it out.
That aside, it's a nice idea and generally employable in games, but I thought that's pretty much what shields were for. I really only see this as useful for phase missiles, but then I also wonder if they're supposedly phased enough to mitigate matter interactions.