
daimaru |
"This special ability can only be placed on ranged weapons. A seeking weapon veers toward its target, negating any miss chances that would otherwise apply, such as from concealment."
"If you shoot or throw a ranged weapon at a target engaged in melee with a friendly character, you take a –4 penalty on your attack roll. "
This sounds like another example of a miss chance, which would be negated by a seeking weapon. (No -4 penalty). True?

daimaru |
No, miss chance is a very specific rule element that makes you roll a d100 die.
The -4 penalty is not a miss chance, and nor is it cover (although you might still take a penalty for your ally granting soft cover, which would be +4, for an effective penalty of -8.)
Hooray! Comes the light! Until now I had no idea what a miss chance was. If it was in the section on combat I must have read right over it.

Cheapy |

Yep, there is! You can read about it there, especially the "concealment miss chance" section.