That leaves 4 points for some missle of some type if you want one. I can't think of a really good list that would be able to smash this or even touch it really. If you destroy one, so what? Thoughts?
I think Picasso is being very polite by only pointing out Wedge as a counter.
By analogy, consider a Wave 1 list composed of 4 Gold Squadron Pilots, each with an Ion Cannon Turret. It's a terrible list, and I think most people would agree that it's not terribly good in a dogfighting scenario--not hopeless, but likely to get torn up pretty badly most of the time. In comparison to 3 Outer Rim Smugglers with Gunners, however:
it's more durable (32 hit points versus 30)
it has more firepower (4 attacks instead of 3)
it's more maneuverable (similar dial on a smaller base)
it's more forgiving of error and bad luck (lose a smaller portion of your firepower for each lost ship)
it has more board control (ion cannons)
Even with the Gunner, 2 Attack is unlikely to hit an Imperial fighter (back-of-the-envelope math says it's about 50/50), and it won't do substantial damage to a Rebel fighter. Meanwhile, even setting aside the generally improved attack profile of Wave 2, a reasonable list from either faction in Wave 1 is going to chew through your hit points at a rate of 6-8 per round--and the ORS fires last.
One ORS is a potentially interesting substitution for a Y-wing in a 4-ship list. Three just doesn't seem like a good idea to me.