So I'm working on my rocket launcher in my 3rd person shooter. I'm trying to get it so the rocket launcher fires the rocket and it flies at my target gameobject (which is a GameObject that is constantly moving, to a position based off a raycast from the center of my 3rd person camera).

Here's how I currently have my rocket launcher script:

var projectile : Rigidbody;
var initialSpeed = 20.0;
var target : Transform;

function Update(){

    if(Input.GetButton("Fire1")){

        //create a new projectile, use the same position and rotation as the launcher
        var instantiatedProjectile : Rigidbody = Instantiate(projectile, transform.position, transform.rotation);

        // First you get the vector from the current position
        // to the destination, and normalize it so you
        // get the direction:
        var direction = (target.position - transform.position).normalized;

        // Then add the direction * the speed to the current position:
        instantiatedProjectile.velocity = direction * initialSpeed; 

        //Ignore collisions between the missile and the character controller
        Physics.IgnoreCollision(instantiatedProjectile.collider, transform.root.collider);

    }
}

My problem is, the initialSpeed variable doesn't actually effect the speed of the rocket at all. As far as I can tell, it doesn't do anything. If I take away the .normalized on the direction variable, the behavior of the rocket is really strange: It will fly slower or faster depending on how far away the target is (so if i'm aiming at a far away wall the rocket will go impossibly fast, but if I aim at the ground in front of me it goes as slow as molasses).

What am I doing wrong? How could I get my rocket to travel to my target GameObject at a set speed that I have control over?