Some suggestions that would add immersion and coolness:
When the pilot bails out, his plane should keep going. Change the color of the icon or put a "bail" icon on it or something.
Likewise, I'd like to see planes keep going after the pilot was killed. I have seen some footage of planes hitting the runway on very high speed passes and they don't just dissappear in a fireball. They tend to skim along the ground and bounce and shed parts and gyrate. In AH they just dissappear.
Now I understand that planes would sometimes keep flying for a long time with what I propose. So you could have the stick be pushed forward when the pilot is killed/bailed or you could engage autotrim speed mode with some outrageously high speed. And obviously the FM calculations are done on the pilot's FE, so he would have to watch as a ghost or from his chute until his plane finally impacts and comes to rest.
I'm sure HT has thought this through and probably thought of some even better alternatives. Just do it!