The .50 cals in-game are amaaaaaazzzzzzzyyyyyyballz (Amazyballz) as they were in real life.
In the event that I am not in my early war German warbirds (Carrier missions!) I up the F4U-1A which has 3x .50's in each wing. Now, most people set their convergence for all the guns to converge in the same spot, I tend to fan mine out so that I get one winged convergence points at ~300-350.
Why do I do this? I have noticed that in most cases, I am really hitting planes with just one wings set of guns, and I must say 3x (6x) .50cals ROCK everything I hit, it usually doesn't take more than a good half second to full second burst to annihilate anything in my gun-sights.
And let us not forget about the B17s magic set of .50 cals... Do I need to say more?
What is more ridiculous to me, is when I encounter a P47 or P51 flying afk straight and level whilst in my 109F4. I like to get up nice and close to that afk bird, and use my brutally ineffective 7mm MGs and subsequently use a 500 round burst into their wingtip or wing root (Depending on which I line up with first) to no effect. Only to have to then hit their wingtip/wingroot with 2 or 3 20mm hits after that (My patience usually wears thin after round 500). I have also done the same in my K4 to conserve my glorious 65 rounds of 30mm destruction! The K4 has 13mm MGs, and I have personally witnessed pumping around a full 150-200 rounds into an AFK Jugs (Not the pony, that baby will die long before that... Like 100 rounds in..) wing before achieving the ever so devastating effect of knocking off its aileron... Before placing another 50 to take his wingtip off! I get it, the Jug is durable...but damn!
The above scenario's are the extreme's I have seen in the effectiveness of weapons. In most cases it takes less (Sometimes much much less) than what is described above.
Pretty much, fly any other countries fighters and use their MGs...Or fly a plane with a singular 20mm... Then go back to your American Bird. And you will realize just how glorious those .50 cals are. If you think the damage model hurts .50 cals more than any other gun, you are sadly mistaken. Sometimes (Key word "sometimes") I find myself requiring 2 bursts (2-3 hits each) of my 1 MG151/20 nose cannon to take the wing tip off of anything other than a Zeke (And sometimes the Zeke is included in this anomaly!).
But yeah, for any wing mounted guns I tend to fan the convergence out so that I get singular wing convergence sets at the desired range of shooting. I find this greatly increases the power of my guns (Because I am usually only making hits with one wings set of guns.) as well as my accuracy because my guns are firing at a softer angle (Since my convergences is usually set in the 600, 625, and 650, with a singular wing convergence happening at 300-350ish)
All in all I think the guns are really accurate in their ballistic properties (They just lack variety in the ammo rack), and its more of a problem with the damage model of ALL the warbirds. Though I do think the MG151/20 is a little underpowered in this game (But only by a hair.)