It depends. Mostly I use third person, but I have to say cockpit is the best when your really trying to target an enemy because...
The reticle is easier to see than the small white one in third person/VC
I find you don't appear to sway as much in Cockpit as you do in 3rd person
BUT, this doesn't count the soviet planes for me, IMHO they have terrible reticles, they are way too big and block most of the target.
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