I've also seen this. The game goes to 100% CPU usage and slows down to a crawl, with only brief periodic (once every 5-10 seconds) updates and responsiveness until the combat ends.
The interceptors were equipped with just the basic weapons: Shiva, Sparrowhawk missiles, and the rocket pod.
I think the problem is that the program is going nuts trying to (re)calculate the direction for either the aircraft or the missiles when at zero or near zero distances between the two craft, but that's just a guess.
I suppose I should also note that my computer is ancient, slow, and low on memory: 2 GHz P4, 768 MB RAM, ATI Radeon 9550 / X1050 series dual-video video card (w/latest v10.2 drivers)