TrisDSF: I've read a lot of reviews about TA. It's not the graphics that really bother me (though at 1920x1080, they look absurd:P). It's the fact that guided weapons can't navigate terrain; i.e. the guided missle towers. Also graphics glitches in terms of screen flash. Over all, I'm not impressed.
The missile towers have no problem hitting aircraft which is their main purpose ;-) As for using them against ground units, you need to build them as high up as possible to avoid the line of fire being blocked by hills\elevation. Some terrain objects like trees can be destroyed. On the other hand, you want to be building things like fusion plants immediately behind hills and raised terrain to shield them from artillery and other ranged attacks.
As for the graphics glitches, I presume you're running Windows 7? There are numerous threads already discussing the issue and a fix has been posted in one of them.
Keep in mind this is a 1997 game, it's been surpassed by its spiritual successor Supreme Commander (in my opinion at least) although in a few respects it is better (more varied terrain and units). The Escalation mod aims to bring Supreme Commander features and units to Total Annihilation.