Of course, it helps that we were flying the Jug, and that plane has a good gun set and a ton of ammo. 8 x .50's is the best gunset for snapshots in terms of ease of aim. Most other guns in the game drop more and are harder to connect with snapshots. The best snapshot guns have to be the Hispano cannons though. Although their rate of fire is lower, and their trajectory not quite as good as the .50's, when you do hit they do much more damage with only a few rounds. That's why the C-Hog is such a snapshot machine, as the Typhoon is and the Hurricane will be. But, no matter what gun set you are carrying a ton of ammo is important. Remember, this is still a low percentage shot, so make sure you have the ammo to spare.
As other stated above, the formula for a snapshot is to pull your nose ahead of the bandit's flight path, sight on where he will be, unload to 0-1 G, fire a short burst that intersects the target's flight path.
Now, the problem with the above is that you have to do two things that will hurt you if you are in a knife fight. 1. You must pull your nose ahead of the bandit. This means you must turn harder and pull more G's most of the time to get in that position. When you do that, you are burning more energy than the target, and doing that will often translate into a loss of the advantage. 2. You must unload to take the shot. If you are not pulling as many G's as the other fellow, he is gaining angles on you while line up the shot.
The end result is that taking snapshots, depending on the situation, often costs you energy and angles. Now you can burn E to make up for that loss and stay in the fight if you have an E advantage, but you are burning up your advantage to do so. So if depending on how much of an E advantage you have, relative plane performance, and setup factors, you may be able to take X number of snapshots before you lose too much of your E advantage. The trick is estimating those E states correctly and knowing when to take the snapshots, and when to simply drop into lag pursuit and maintain your E advantage and wait for a shot later in the fight.