Exoatmospheric Kill Vehicle" is arguably the most awesome name on record for a Pentagon program. Technologically, the Raytheon-built EKV is pretty impressive, able to hit an incoming missile head-on at over 15,000 miles per hour.
Full article hereThat is the most epic name ever for any kind of military device. Of course, I want to see one with laser beams, but still, this is pretty cool. As far as the shift in military equipment due to downsizing is concerned, though, I would say it would be a smarter idea to shift towards the use of lasers. It may have a higher upfront cost for the research and development teams needed to make it work, but the significant reduction in cost after deployment would have it paying for itself in no time, as well as making sure our enemies know they won't be able to taunt us by forcing us to put ourselves in higher debt to remain capable of properly defending ourselves.
Of course, in an ideal world, we wouldn't need EKVs at all.