I can tell you from experience, while I have not had a FULL redout, I have had the beginnings of one, and it is NOT pleasant. Negative G's are VERY uncomfortable. Your head feels like it is going to explode, your vision DOES begin to grow red, although when the forces are relaxed the "red" goes away... (its not a true RED more of a black tinted red).
The other thing that was noted by aviation physicians, and I have confirmed, is a DRASTIC slowing of the heartbeat during and after higher neg G' forces. This has to do witht he rise in blood pressure in the head and abdomen, which triggers the heart to slow down. I have experienced this to the point that after a high neg G maneuver, (such as an outside immelman, or inverted cuban 8), after recovering straight and level, I checked my pulse, jsut to see, and my heart was beating approx 1 every 2 seconds, versus a normal RESTING heartrate for me of around 78BPM. Keep in mind my heartrate would have been elevated even higher than resting due to the stresses of aerobatic flight. You can see that if you continued to SUSTAIN neg G loadings, it could slow your heart enough to cause you to pass out from that as well.
Conclusion:
Short period Neg G's are quite tolerable, though uncomfortable. They do not cause any higher feeling of "sickness" than pos G's, although rapid switching BETWEEN the 2 may, haven't really done htis so I cannot comment. Neg G's cause effects at a much lower G loading than positive, with discomfort occuring at 1.5-2 neg, and redout beginning at 3-4 neg. A neg G push of 3.5 G, for approx 15 seconds, during an inverted (outside) immelman, slowed my heart from (estimated) 120-130beats per min, to around 30 beats per minute. This quickly resolved itself as the G loading was reduced, however it COULD cause some people to loose conciousness, and if G loadings were greater, and/or longer, it could lead to GLOC due to slowed heartrate and blood stagnation. After landing while flying a routine involving neg G loads, my eyes tend to be quite bloodshot, and occasionally I will have various bruises on my face, from ruptured blood vessels.
Theoretically, a high enough Neg G loading, and/or length of Neg G loading, could cause hemmorage in the blood vessels of the brain and eyes, causing perm. or temp. blindness, or possibly even stroke.
The brief periods, and low neg G loading most folks use here in the game as a defensive maeuver, would be quite tolerable, if uncomfortable by RL pilots. However, the other question is, aside from aerobatic aircraft, most aircraft have a MUCH lower neg G tolerance than Pos G's. I am not sure what said tolerances are on the various WW2 aircraft, but Neg G's could EASILY lead to structural failure since most aircraft are built with Pos G's in mind.
Don't think this is modelled in AH though, maybe HTC could chime in on that ?