UPDATE: The first report from the field is always wrong. Spaceflight Now (via the Korea Aerospace Research Institute) reports the orbital parameters were supposed to be perigee at 186 miles and apogee at 932 miles. CNN relayed perigee may have been missed by almost 35 miles. There may be some data mangling regarding miles and kilometers.
South Korea’s Space Launch Vehicle-1, AKA Naro-1 (what, even rockets have street names?) has launched. The two-stage booster was jointly built with the Russians (at a reported cost of $400million) and the satellite was domestically produced in South Korean.
It was announced the launch failed to put its satellite into its desired orbit. The Times report says the satellite was an extra 36 kilometers farther from the earth than it should have been.
Since the announced mission of the satellite was to observe the atmosphere and ocean, and those sorts of missions are often polar orbits, it would seem likely the satellite may not be optimally positioned, but a plus 20-mile miss distance should be able to provide plenty of functionality.
However, if it is supposed to be a low-flier, and maybe even a spy satellite, this sort of miss distance may well prevent mission objectives being fulfilled.