Accurate damage assessment and quick judgement on one's own condition is also an important pilot skill. Since such indirect traits have never been too emphasized in AH upto date, implementing it into the game can certainly bring on an interesting, immersive factor into the game.
However, as a premise, it would require a significantly more advanced damage modelling in both the actual process of taking on damage, and visual/physical indicators of it. Meaning; more variety of damage situations, and more detailed, accurate portrayal of such damage so the pilot can notice the subtle signatures of each types of damage, and make his judgement on whether to keep on fighting, or return home.
So I support this idea - it's a good one. But it'd probably be only realized when AH makes another big leap in the general DM... so I don't see it happening in the close future. (Ofcourse, HT and Pyto have a bad habit of surprising people.. so who knows? Maybe such upgrades to the game are not so far away)