Actually, the laser serves basically as a very large heat ray. That's how most THEL works as well. It heats up the warhead and it esplodes. The fact that it's so freaking huge is because it's a chemical laser, which are very inefficient lasers. They're far more susceptible to atmospheric conditions and require more recharges. THey have about 20 shots before have to refill as I recall, perhaps it was only an estimate. It's more of a token measure than anything else. It would prevent an attack from a minor power, but not even a power like Pakistan or India would be truly threatened by it.
The real question is if this will affect the development of the SBL. SBL would likely involve a 20-satellite defense system that would have 100 shots and be able to switch targets in half a second. In other words, it would be able to shoot down around 2,000 missiles. That would be a far moire effective defense system, especially given that it would hit the weapons right after they launch.