None of these have even been described yet, how can one of them be any less realistic than the others? In short, what are you on about?
They have been described in the previous WCTO post in the main chat forum.
In the Arena scenario, each side will have a cruiser and several fighters. When pilots die, they respawn as a fighter of their choice from their side's cruiser. I have not played Arena on the Xbox (wee bit out of the price range), but if I understand correctly, this is modeled off of the capship battle from that game.
I am just making the point that this creates an arcade-style atmosphere. This makes sense when the setting is a dueling range for mercenary pilots trying to earn money, but not as a battle in a real war. I think it would be interesting to role play the fighter wings of two destroyers in an engagement, or two groups of fighters engaging each other in an asteroid field, because I'd like a better idea of what real WC tactics would be like. Because we never got to play any classic WC missions with multiple players, we never got to explore tactics. Armada and Prophecy multiplayer were duels or gauntlets, and from what I understand, Arena is a very different setting.
edit:
Here are the descriptions, copied from the other thread.
Asteroid Ambush: A Kilrathi and a Terran fighter patrol clash in the middle of an asteroid field. Restricted to light and medium fighters only.
Capship Arena: This is a pure fun game: One cruiser in the top left edge of the map, the other one in the bottom right edge. Free choice of any fighter or bomber, as long as it belongs to your faction. If you're destroyed, you get to choose a new fighter. The team destroying the enemy cruiser first wins. Since this is of course an allusion to the "Capship" mode of the great Wing Commander: Arena, be warned that random upgrades might pop up...
Destroyer Battle: A Confed and a Kilrathi destroyer engage each other, while their fighter escorts battle it out. This game requires one team leader per faction who takes direct control over the capship. No torpedo-carrying fighters allowed.