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There are several launcher types, and some can fire multiple classes of missiles. In all cases, if a launcher can fire a missile class (light for instance) it can also fire its FoF equivalent. Here's a brief overview of launcher types and the missiles they use.
While most races integrate missile launcher hardpoints into their ship designs, the Caldari in particular have a number of ship bonuses in this field, making them superb bombers.
Rocket Launcher
These only fire rockets. They have a fast rate of fire and low system requirements. They can use Defender missiles, and there is no FoF Rocket at the time of this writing.
Standard and Assault Missile Launcher
These fire Light missiles, as well as Defenders. They have a decent rate of fire and average system requirements. The difference between Standard and Assault launchers is that Assault Launchers have a much faster rate of fire, but much higher system requirements. Standard Launchers are suited for frigates, but Assault launchers have system requirements which usually limit their use to larger vessels.
Heavy Missile Launcher
Heavy Launchers fire heavy missiles. Their rate of fire is slower than Standard or Assault launchers because of their larger payload. They can also fire Defenders. Heavy Launchers have high system requirements, so you probably won't use them on frigates.
Heavy Assault Launchers
Unlike assault launchers, heavy assault launchers use a different ammo (missile) type than standard heavy launchers. In comparison to heavy launchers, heavy assault launchers have a shorter range, lower damage per missile but higher rate of fire. Their fitting needs are similar to those of Heavy launchers.
Cruise Missile Launcher
Cruise Launchers fire cruise missiles and Defenders. They are slower than Heavy Launchers due to their ammo, and also have big system requirements, so don't expect to mount one on a frigate.
Siege Missile Launcher
Bigger and slower than even Cruise Launchers
Siege Launchers can fire Cruise and Defender missiles. Their main design is to fire torpedoes, and they are the only launcher that can do so. Their system requirements are so large that you won't need to worry about them for a long time.
