After having bailed from an aircraft, pilots should, IMHO, fall to their deaths when their chutes are sufficiently damaged. A little scream, and maybe some flailing limbs (noticing the new troop animations for the first time, I think this is probably quite doable) would really flesh this out quite nicely. To really be effective, this might require disabling the option to tower out while falling. One unintended result of this could be that the newer players who aren't as familiar with the mechanics, might hit the silk at 30K and find themselves stuck doing nothing for 5 minutes, as in the past. To counteract that effect, perhaps another key could be added to cut the chute away, allowing them to quickly reach terminal velocity, and therefore end their sortie much faster.
As an alternate idea, towering out could have the same effect as cutting the shoot away, leaving you few options:
-ride the wreck in, die
-bail, deploy chute early, cut chute away, fall, die
-bail, deploy chute early, get chute shot away, fall, die
-bail, free fall to a relatively low/safe altitude, deploy chute, land safely, live
So, we would retain a similar level of realism-as-it-relates-to-AH, prevent unnecessarily long periods of downtime in the chute for newer/less experienced players, and offer a bit more entertainment for everyone else. What's not to like?