My anecdotal puffy ack experience is usually that the 'cheap hits' occur when you're cruising along straight and level, maybe you don't even see the CV, first shot, instant damage. Much like what Grizz illustrated. If you're maneuvering as you cross the threshold and come into range, then I find the puffy is mostly for show, which is what Marine's screenshot might indicate.
I was climbing to engage a P51 at 20k once and watched him turn into a fireball with the first ack salvo from the carrier group I'd launched from. Laughed hard, got the proxy, felt bad for the guy. He was less than amused.

I don't mind the puffy, I'm just not fond of it being (apparently) independent of how much of the carrier group is down, and the ability to snipe people at ludicrous range doesn't make for good gameplay IMO.
Wiley.