I see the "real life" moniker to describe a popular belief.
Blacking out only affects the pilot's visual accuity. Having experienced it, I can assure you that the pilot is in full control of his motor functions. You are fully conscious and aware of your movements and all feelings. You can't see anything once gravity has drained blood and oxygen from the visual centers of the brain. This is usually precedeeded by the loss of color vision (everthing turns gray and white), then tunnel vision (which AH fairly accurately creates) before total black out. The black out itself is more of a dark gray haze when flying in daylight than a black curtain effect. Sounds become a little distant and muted as well. If the intent is to simulate real life, why should we expect or accept an artificial limitation such as reduced control movement? On the other hand...
G-loc, or G induced loss of consciousness occurs in after an extended period or a too-rapid onset of high G's. The pilot passes out completely, losing sense of time, motor functions, and all senses. The body goes limp. This is not a simple "black out." Pull too hard for too long when fast and AH will render this condition. With some other sims, G-loc occurs everytime you exceed a certain value. For instance: fly at a steady 5.9 G's and everthing is fine, fly at 6.0 G's and all control is instantly lost. That is over simplified and inaccurate.
A pilot in AH that can consistantly pull enough G to black out without G-loc'ing has mastered one part of flying this sim. Pilots that try to follow such maneuvers have to pull harder to get enough lead for a guns shot. More G's means a quicker and sometimes unexpected black out. Save your E, as Crash states, and used it against the other guy once all his E is gone from pulling so hard. An alert pilot behind you may be using this once he sees a rapid turn or pitch up.
MiG