Specifically, it seems to always miss. In two tests, one against a laser fighter swarm (Phalanx with 2.39 speed, so the Autocannons should have had a decent chance at hitting them) and one against the tutorial scenario, the end-of-battle listing for “potential damage of missed shots” was 100.00%, and checking the guns of one cruiser during the tutorial scenario gave me a total of 484 shots and 0 hits. Since the tracking speed is up at 3.70, I don’t think this is exactly expected behavior.
The autocannon appears to be the only weapon with this problem. If there are any debug files or anything like that which would be useful that I could provide, please let me know.
Edit: System Information
Windows 7 64 bit Home Premium
AMD Phenom II X4 910 processor, 2.6GHz
ATI Radeon HD 4350 graphics card with 512 MB dedicated memory, driver version 8.851.0.0 (as far as I know, this is the latest driver version)