Regarding ballistics - yeah, what Paul said. They've really been emasculated. And after all, leading the target is what the ship's computers are for! Given that it would have to be able to handle the current turn radius of the target as well, I think the old behavior, while a bit odd-looking, is probably truest in result to how they should work.
Bomb-like behavior (probably with a small, but not quite zero, radius to account for the fact that testing OUR aiming abilities doesn't really seem to fit in with the game's philosophy) would still be an improvement over the current system, though.