Fighter jocks wear a pressure suit, what means it will cut off bloodflow at high rates of G forces. When a fighter jet goes fast up, the pilots blood will leave the head and it will become black for his/her eyes before becoming unconscious. When they descent fast the blood will get to their head and it will be red in their eyes, before becoming unconscious.
Airline pilots do not wear pressure suits and therefore if the airplane falls over 6000 feet per minute it will be dangerous for them and beyond that they will not be able to see anymore... (just like Air France 447)
Not all fighter pilots wear G-suits. The Blue Angles do not because it affects their ability to input very small control changes. They use old fashion grunt technique. The G-suits don't cut off bloodflow, instead they provide backpressure from legs to help keep blood from pooling in the legs.
Not sure where your "falling" description comes from. Eyes don't turn red. They don't turn black during high-G's. The term blackout is related to the fact that as you lose consciousness, what you see becomes black because your brain is losing its higher functions from lack of blood flow.
During a decent, the blood is not going to pool into your head, unless you are pushing negative G's (accelerating faster then gravity) and that won't cause your eyes to go red.