Land based interceptor missiles in Alaska and California have been put on operational status and there are two interceptor equipped Aegis cruisers near North Korea.
While the counter move of destroying the missile may be provocative, I don't think that would be any more or less so than North Korea launching the thing in the first place. I would support shooting it down.
UPDATE: Meanwhile back at the ranch...(AP NEws Alert)
Kofi Annan urges North Korean leaders to "listen to and hear what the world is saying" over an apparent planned missile test.I'll resist the temptation to say anything about 12 years and 17 resolutions......