Of course, that can be an artistic choice, as long as you're aware of it.
The goal is to have the missile move 1 logical pixel per frame regardless of hardware resolution.
At higher resolutions (without commensurate higher PPI) the logical pixel will become physically large and begin to look pretty weird/potentially undesirable at certain viewing distances. But the missile should always still move precisely 1 logical pixel per frame. It will pass the same amount of background art each frame. It will approach the player just as fast. etc
In my example, the larger screen has e.g. 8 times the number of pixels horizontally to show movement in. Instead of waiting 8 frames and skipping ahead 8 hardware-pixels, you can render the sprite 1 hardware-pixel further along every frame.
The problem would come from anything other than simple movement of a static sprite. If there's some much as a wispy smoke trail animation off the back end of the rocket as it flies through the air, the sprite data isn't going to give you any indication where those particles should be waving about during your interpolated frames.
'Realm of the Mad God' works this way, with the added affront to purity of having rotated pixels. I think it works rather well: http://www.youtube.com/watch?v=hpMdFFxFbY4