I haven't heard of this even though I seen in the drop down view list a Chase view unabled selection.I was playin around with FDC, and by mistake I hit Cntrl-Shift-W and there was it: A spot view of the nearest AI, cruising, taking off and landing, and If I kept on hitting the same combination I cicled through different aircrafts!!For those who knew that, great! and for those like me taht never seen that try it, with your custom AI paintings and two views, one from the tower and another from this chase view, there's a lot of fun seeing the traffic!!There's also another great add on that I got in Flightsim.com (I could manage to get In!!) the AI sounds, they are great!! Try it.

Download and install AIView, it gives you a topdown map and when you double click on one of the AI indicators, you are flying in chase view. When you want to go back to your aircraft double click its icon.

Pressing the ESC key when AIView is visible will return you to a spot view of your aircraft.