There is 50% chance to lose the HO, ergo instant death. Also there is 100% chance that your plane will be damaged, tipically oil, radiator, engine out.
For me the fun is the ACM, not the BnZ, not hoing the firts spitfire i see then praying my aircraft all the way back. Yes, i will ho you if you try to gang me or theres a pony/190 playing chicken cheit tho, but never against an opponent who is up for a dance.
And also, please do not HO if you consider yourself better than the v-s/alchies.
That is untrue, there is not a 50% chance to lose a HO
Some examples:
190A8 VS a Brewster. (you really suggest that is a 50/50?)?
An enemy that you regard as more timid, or one who wants to get an edge on the merge. (you can say that this is not a HO, but you started it that way)
A situation where the best solution is to take a chance to eliminate an enemy so that you have the best chances of winning the engagement. (Outnumbered, damaged, outclassed by an enemy with superior E)
On merge a lot can also be taken from your enemies actions. e.g a spitfire trying to HO my niki tells me a lot about my opponents flying style.
Often you can pick out an opponent who is committed to a HO before you are at risk, as a result that can tell you a lot about that players flying style, especially if you consider both aircraft and the circumstances.
And no, there is not a 100% chance you will take damage at all, that's just silly really.
I can attempt to break away if things are not in my favor
I can kick the rudder hard and sideslip
I can assume my enemy is likely to miss considering my plane VS theirs. (A La7 is not likely to be able to land hits before a typhoon for example) and I know this, this all factors into whether to engage in this or not
A HO is a valuable tactic, I agree risky, but with whatever current situation a pilot is presented with can be a very useful tactic.