Sometimes you wake up, sometimes you don't. It can take several seconds to regain full function. If the aircraft is not far enough away from the ground when the lone pilot comes around, all his worries are over. It's likely the same outcome if you start napping in the middle of a fight.
From one point of view, it's getting harder to fly fighter jets because there are fewer around and the requirements to even climb in to one are remarkably high. I'm very glad I didn't have this kind of competition for so few slots. Let's move on to the other aspect.
HOLY S--T! Sorry for the outburst, but this is the pilot's greatest fear. Even beyond enemy aces, missile batteries, or parachuting into a sea of sharks with frickin' laser beams attached to their heads!
If it sounds cool, it's a secondary effect. There are some really cool ways to earn them, though. The main way is usually via your name and if there's a way to make it sexually suggestive, it usually happens (up until about 10 years ago).