Never tried 'snap view' before I got to play Aces High. After a while my conclusion on padlock was:
Padlock helps spectacular target fixation + severe disorientation + X-ray visonesque automatic target tracking
If padlock is unlocked the moment the 'locked' target disappears from sight, technically it won't be much different from snap view. Besides, looking around and finding the target you want is one of the great attributes of a good fighter pilot. And certainly some great pilots have ability of subtle deception(ie. Drex -> flip flop.. where'd he go? What the hell...?? * ping ping ping * Arrrrgh...)
Padlock was great in something like Fighter Ace TC arena.. you just maneuver and point the nose.. just follow the bogey where ever he goes and you can hang tight right behind their 6.. But def. not in AH.