I haven't seen an ejecting pilot yet, but after reading that pilots drown I wonder if you could see them underwater via periscope. Maybe someone with an AA testing mission could take a look on it (or TDW could tell if he had such a possibility in mind when adding this drowning feature
).
Another issue I want to address once more is the inaccurate diving depth. If you order periscope depth you end up floating around 10-11 meters instead of 13 meters. If you order 50m depth you end at 48m. Not that big of a deal (just order 2m more but you have to give every order on the depth gauge, so there's no working shortcuts for periscope or snorkel depth), but it get's very annoying over time to say the least.