I think it has something to do with the fact that AI objects do not appear in replays or videos. I think that the "target" gets those animations or effects attached to them upon impact and so if the object (target) isn't in the reply or video, you don't get to see the effects either. It's a limitation of FSX. :(

The drag chute, on the other hand, is a part of the aircraft that is always there and has "conditions" for whether it is visibile or not. So it is not a separate "object" that disappears in videos and replays.

Mark