More like, Rolling on the floor in laughter, thinking people do not really think much about the consequences of what they ask for.
Step 1.
Do you wish planes to die more quickly or less quickly, or the same.
Obviously there's going to be a degree of balancing that would need to be done. If wearing away at the wings suddenly makes the plane more difficult to control even before the part is blown off entirely, the amount of damage inflicted by successful hits may need to be adjusted with it to get the right balance of effect.
Step 2.
Do you wish to be at more of a disadvantage with 1 bullet hit so fights will tend to be, who ever lands the first bullet wins.
To a degree this is already the case, especially if you're in a plane armed with MGs and your opponent has cannon. More often than not, a cannon-armed plane will decide the fight the minute he gets a shot in, while an MG-armed aircraft may need two or three snapshots, or one good tracking shot to do the same. This is why I say MGs would gain more benefit, because cannon already have the capability to decide the fight on the first round, wherease with the all-or-nothing model damage the MGs ARE capable of inflicting that might do the same doesn't have the effect it should.
Step 3.
How will any damage model change, change the tactics used in the game.
I can imagine a couple scenarios:
1) Players may opt for more low-risk tactics. BnZ, hording, etc.
2) Players may develop better ACM so they can avoid getting hit in a tight fight.
3) Players who have sustained sufficient damage their aircraft becomes too difficult to fight with may opt to find an exit rather than push when they can't win.
4) Players are going down anyway, so they're going to push as hard as they can before they go down.
In other words, while mentality of individual players might change to accomodate the new model, I think the overall balance wouldn't see TOO much of a difference from the way the game is played now. Some people are always going to go for the least risk, others are going to focus on getting better. Some will find a way to get out of a fight if they're trailing smoke or fuel, passing out from P/W's, or find themselves missing important things like wingtips, and others are going to do everything they can to take their opponent with them.