That's more descriptive of the actual view...... bumper view. It's really not internal as Dan Locke already alluded to (unless you have your face plastered on the front of the cockpit). A true cockpit view would be awesome. Each ship with different cockpit control configurations. Mmmmmm.
I do agree that it certainly imparts more of a sensation of speed to the game but I rarely use it. It's more for fun. If I'm truly racing I don't use it.