I have a few thoughts on this. Let me start by saying I hate accepting/going for the pure HO in any situation except vs. a 262/163. Anytime I get Ho'd I consider it my own fault and it's almost invariably by some guy with 13 kills in 300 hops and a 2% hit %, so I know he could not have killed me any other way. That being said HO's are a real problem, while I realize AW is dead it did have a few things right imho. One of those is the lessening of the HO effect.
The reason this is important is because in real life, HO's were considered a very, very dangerous move, yes they were done, but not in the same fashion they are in a game. Planes in real life did not see each other 3k away nose right at each other guns a blazing until one/both of them died or collided, but that happens all the time in AH. The possibility of a very real death in a very risky manuever was enough to dissuade most WW2 pilots from going for the HO if any other viable option was available to them. In a game, however, where the worst possible thing that can happen is you get a fresh plane the HO takes on an entirely 'un-realistic' appeal.
So, this is typcial of how it plays out in the game. I'll use Shane as an example because I know he won't mind. Shane will be the first to tell you he has no problems going for the HO. Shane and you are co-alt he noses into you, you see his 3 cannon La7 is going to attempt to HO. You have a choice, A) accept the invitation or B) attempt to evade the HO. Well, Shane knows if you accept the HO you are probably a weaker pilot who is turning down the chance to possibly outmanuever an La7, against a weaker player he would be willing to take the chance his aim is superior on the HO. If you do not go for the HO he knows you are likely a better player who in attempting to avoid the HO will have to give up critical E and/or angle in what is otherwise a co-alt/co-E fight.
So, even better players, Shane is just my example, there's many others that use the threat of the HO for the intimidation factor to gain an advantage in a fight. Yes, of course you can attempt to evade, against all but superior marksmen that will probably allow you to avoid the initial merge HO shot, but in doing so you have given the would-be HO'er a critical advantage in the fight depending on relative skill and/or plane match-ups which could be the deciding factor.
The other problem has been stated is in regard to newer players. They can gain some measure of immediate success by simply HO'ing everything they possibly can and running from anything else. It doesn't take any skill or talent, and they occassionally get to land kills and see their name in lights. This gives them little impetus do do anything else, they never become better at anything except HO'ing. The fear is, and I know a few people who are like this is, we breed a whole generation of 'professional HO artists'. That is people who started off HO'ing because it had a unique 'immediate gratification' quality in a game with an otherwise incredibly steep learning curve and just never put the time or effort into taking 'their' game to the next level.
In summary, it is my personal belief that 'artifically' making HO's as unattractive an option in the game as they were in real life would make the fights in the game and the players far better in terms of quality.
Zazen