Yeah they r created equal, it's just sad that they are usually not as good as legendary counter parts. :(
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What's the rocket counterpart?
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It honestly depends on the content you're squaring off with. Against most mobs, any rare+ rocket will do. I have a launcher with 3-in-the-tube perk, and it clears the hell out of most everything (most). Am I running it through VoG? No. But for some tasks, the perks make the gun, rather than the tier.
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That's the point of exotics but then again that's why I made the post :P