It's quite entertaining, actually, and it's awesome for dodging missiles and whatnot. It gives the player a much better feel for the stunts and maneuvers that can be done in a jet, unlike anything I've ever played before - even though I'm sure I've done it before in other games.
But it doesn't make the game 'better' to play - in particular, precise aiming and airplane control are pretty much impossible in that view, missile locking is hard, cannon shooting is pretty much impossible unless you've got a slow moving / easy target, and even then it's better to go back to assisted mode. It's arcadeish, but fun.