As far as I can tell- the planes aren't being rendered on your FE in terms of how many Gs they pull, how much they are yawing/rolling/pulling up- but in terms of where they are in the virtual world.
Kind of like Battleship- but in 3D. Plane is in C4X, moving to C4.5Y at 200MPH.
This is why certain planes are noticably more jumpy in the film recorder than, say your plane or a plane 50 yards from you.
If you watch for another guys instruments when you take off (sometimes they spawn with you and you can see their instrument panel), you'll notice that there isn't a single instrument working on there. The ammo counters are a solid white (or black- I forget) and the gunsight is all screwy like how it looks in the film view when you jump to other cockpits.
These things are mostly good to show others a fight you were in, or to make cool video clips you can play for people at work, or your friends, or other people over the internet.
-SW