Yep, you regain conciousness after you black out, but like was mentioned earlier, the period of conciousness gets shorter and shorter as time goes on. I think it depends on how badly you were hit.
It is tough to try and decide whether to ditch when blacking out, or bail, when you're in a position to land. I've found, if you can time it right, and can get to where you're close to the ground, if you start to black out just press the x key to get on auto pilot. If you've already slowed down to land, oftentimes you'll just glide to the ground (hopefully the runway) and stop. I was pleasantly surprised the first time I pulled that off.
Of course, if you're that close to the ground where you've slowed down and are ready to put down, it's too late to bail then anyway. I believe you need to be at 1000 feet or higher to bail. So, make your decision before you get below 1000'. You're stuck with it then.
