But to me the way technology is used breaks down if ships can track each other in hyperspace. You can bet your ass that any of my blockade ships are gonna be packing a buttload of hyperspace homing torpedoes and be praying for some one to jump to hyper. If I can steer in hyper then life on smugglers, and a surprise attack on a system just got pretty impossible because I'm gonna keep sentries circling the system in hyperspace. My key star systems are going to have batteries of corvette sized missiles to launch into hyper to target approaching enemy capital ships.
For me it's the opposite. Chases through hyperspace have always been a part of how I imagine Star Wars to work. How else did Vader track Leia to Tatooine? Here's my though regarding the issues you mentioned...
Homing Torps: Judging by the show it's entirely possible that these devices require shield be down for them to work. This greatly limits their military usefulness. But, even if you did manage to get one on an enemy ship, it's still possible for them to detect the device (as happened in the show) and lead you away from their intended target. But, as shown in ESB, it's probably a good idea for ships trying to break a blockade to all go different directions and meet at a rendezvous point later once they're sure they aren't being tracked. Plus, this could be used to someone's advantage by having a ship flee with the blockader going into hyperspace to chase it, only to have the real cargo slip by Road Warrior-style.
Circling Ships: ESB, RotJ, and several episodes of The Clone Wars shows that you can detect ships in hyperspace quite a ways away and know when they're showing up slightly before they get there. So there's no reason to have ships circling a spot when you can just put out a bunch of hyperspace sensors for advanced warning. Plus, the attackers can possibly detect these circling ship thus alerting them to the fact that they have been detected.
Hyperspace Missiles: Ok, this is a general issue with Star Wars (esp for games like Armada). Missiles in this game are small short ranged affairs when a larger, much more powerful ICBM-sized missile might come in handy. Consider the battle at the beginning of RotS. Coruscant could easily have had hundreds of giant missiles to blast those attacking droid ships out of the sky. They didn't use giant Ion Cannons either which is a similar issue.
Even still, a hyperspace missile would have to be significantly faster than it's target or it would be blasted apart before it could hit. Since ISDs are super fast already, it's could be that it simply isn't possible or cost effective to build a missile that would work against them. Also, early ISD blueprints showed they carrying mines which would be perfect to discourage pursuit.
Which reminds me, I'll have to add rules for mines in my hyperspace chase scenario.
Edited by Hedgehobbit