It appears to be modeled after the MLRS military unit. In my experience of MLRS I have found that these are awesome machines.
CIV3 does not show this. In the Game it has the same range as Artillery with a strength of 16, range of 2, rate of fire of 2 and movement of 1. Both Radar and ZOC abilities
As is, I was able to level a size 16 city with 7 Radar Artillery units in a matter of 5 or less turns.
BUT...I had to tinker with it. First off I gave it both land and sea lethal bombard. I increased the Rate of fire to 3 (12 missiles that can all be fired within seconds) gave it a movement of at least 2(these things can keep up with M1-Abrams) increased the range to 4(they have at least twice the range of normal artillery). I'm also considering bumping up the stength, but not sure it really needs it.
Of course with the other artillery units the AI does not use it properly so it is a huge advantage.