I'm A Banana
Potassium-Rich
The thing I don't get (and [MENTION=2525]Mistwell[/MENTION] in particular has helped make this point clear to me) is why we haven't had 40 years of objections to magic missile, fireball and lightning bolt along these lines.
(If the answer is "Because they could be disrupted while being cast" then I'll reduce the period of years to 14 - because for the whole lifetime of 3E it's been possible to auo-succeed on casting defensively.)
In my personal experience, at least, the emotional extremes come less from missing, but from being hit by the enemy for significant amounts of damage.
The thing with the biggest influence on this as far as in-play tension goes is that magic missiles and fireballs and lighting bolts are limited resources.
Loss aversion is huge. Whenever you want to volunteer to give up something you have, it produces some delicious dramatic tension. The longer you go without it, the bigger your aversion to getting rid of it. 1/day resources in D&D typically don't need a miss chance to keep them interesting, because even having to use them is a feeling of failure and loss (as long as there's more than 1 encounter per recharge anyway -- 15 Minute Workdays and Wands of X explode that assumption by functionally removing the loss aversion).
Any at-will power that auto-hits is going to have the same problem -- 4e's revised Magic Missile is pretty dull, too. Functional, efficient, but dull. It's naked math, and using it feels a little like doing your taxes. At best, it's effective!

Compare that with a 1e Magic Missile which also auto-hits, but which a caster will dither and debate about using over a dart, and you can see that loss aversion at work!
Personally, I'm into pushing the game to more extreme results, because those results are more interesting. It's a bit of a playstyle thing, so I wouldn't want to force it on everyone, but the more "AAAARGH!" and "WOOOOO!" that goes on, the better.

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