Ho'ing on the merge is like lining up with your opponent in the boxing ring to tap gloves before the match only to poke him in the eyes with your out-stretched middle and forefinger then throw a heavy right cross to his chops. When he goes down in a crumpled heap you exclaim joyously to the crowd with arms raised triumphantly, "I am a brave hero, the new Heavyweight Boxing Champion of the World!"... 
It may be a "valid" tactic in an air combat game, but it's not sportsmanlike or "brave" by any stretch of the imagination.
While I wholeheartedly agree with your analogy.
I think the key word in your statement is "sportsmanlike".
How many other "valid" tactics do we see perpetrated in this game that would be deemed "unsportsmanlike" ?
Having said that, I must say that using the "HO" as a major part of ones fighting style is lame, and you will actually be denying yourself the opportunity for what could be an exilarating encounter.
But if I happen to have a con coming at me and is consistantly centering on the nose of my ride------Boom!! One of us is goin down.
