Your film will always show what happened on your computer; you will never see exactly what the other player sees on his computer without getting his film. When you jump into his plane, you get an idea of what he was doing, but it's only close.
I made a movie from one of my films, and in one shot, I was in a barrel roll against a 109 when a squaddie flew by and killed the 109. In my film, his tracers missed by what seemed to be 10's of yards, but the 109 exploded nonetheless.