Actually, if you spend some time setting padlock up, and mapping proper keys where you can quickly switch between padlock and hatswitch view it is wonderful, especially in cases where there are a limited number of enemies, (like AvA). I think padlock is linked to Icons, not the actual enemy plane. Thus when Icons are removed, so is padlock. Don't know why this is.
IMO padlock is much more realistic than using the goofy hatswitch. I typically loose the con when I switch between views on my hat. Ideally, TrackIR is the way to go.