One thing....formation flying is not done by using "peripheal" vision. Those hollywood shots of pilots looking straight ahead, or away from the lead for extended periods of time, while maintaining "perfect" form is complete BS. When flying close form, the wingman is looking at his lead's aircraft 90-95% of the time...the other 5-10% are quick quick glances at the gauges, horizon, other wingmen, etc. If you don't, your gonna swap paint, and Look at any closeup photo of aircraft in formation, and you will see the pilots heads all turned towards the aircraft they are flying wing off of....they definitely are not turning to smile at the camera;)
Now if flying in a loose cruise position...yes...you will have a little more time to be looking about, positioning is not as rigid (more fluid), and gives the pilot more time to look for enemy. But the majority of your time you are still flying off the lead, and maintaining your position.
Entering combat, you will be in a combat spread....very fluid, and loose formation, positioning not rigid at all. Here you more eyes all around, rather than padlocking your lead, trying to find the enemy. You still check lead for positioning, but not quite as often....you basically have a piece of sky a few hundred feet above and below leads alt, and a set range (.5-1.0 for ex) from your lead to fly in.
If this was ever implemented, I would'nt use it. Have to agree it is "gamey". There is no "perfect" formation flying unless you are the Blue Angels, and it is a hell of a workload. Majority of form flying *today* is done in loose cruise. Tight form flying is for initial joinups and when getting ready to enter the break at an airfield/CV, or in crappy weather.
I could go on, but I've now been on watch for 12 hours, time to go. Look forward to reading response's later tonight.