The COFFIN cockpit basically puts a hard metal shell where the glass would normally be, and puts cameras on the exterior for a full 360-degree view on the inside for the pilot. As you can imagine, this allows for all manner of software-based targeting enhancement and, for the sake of players, a generally more futuristic feel.
In this picture, not only is the plane obviously down an engine, but the entire cockpit has been blown completely open. That the pilot is even still trying to fly speaks volumes; even in a full suit, the gusts within that cockpit must be incredible.
That was in the firsts COFFIN sistems like the Falken, Fenrir, Forneus, etc, the ones in AC3 didnt had cammeras but a neural interface that puts you in coma, giving you full control of your plane and better reaction times, its like if you where the one flying, not a plane, its supposed to be like the HUD view in the game.