Although ejecting was recently fixed to allow the player to actually eject instead of bailing out WWII style, it is still useless. The reason being that there is no way of telling how damaged your aircraft is.
Although more parts of the aircraft should show up in the damage indicator (instead of just "hull", should include wings, engine, flaps, gear, etc), the thing we really need is some sort of alarm or more significant way of telling how damaged the aircraft is.
A simple trail of fire from an (or both) engine(s) when the plane is under say, 10% health would suffice. An audible warning in the cockpit or a warnings/advisories panel in the cockpit would be even better. Eventually, it would be nice to see some form of loss of control or thrust.
The current system of slightly darkening exhaust and then a spontaneous explosion makes the pilot survival rate very low, and also eliminates any possibility of search and rescue missions, which could add much depth to some missions.