I've been playing around with Luna's Howl on a build that has 100 Airborne Effectiveness at all times which includes a Warlock with Heat Rises and Wings of Sacred Dawn. Even without Heat Rises activated by consuming a grenade, it says I have 100 Airborne Effectiveness while in the air with an Icarus mod equipped. In fact, since Luna's Howl is a Precision Frame hand cannon, it should have 60 from the get-go without the mod, meaning that Wings of Sacred Dawn should be putting me at max with Luna's Howl even without Heat Rises or the mod equipped at all. But I've been noticing a lot of bullets missing anyways that would otherwise be easy headshots or straight-up hits in general from on the ground. So, there's something amiss here. For reference, I was and still am using a controller.
What I do know that Airborne Effectiveness does is that it reduces bullet deviation while in the air. That much I can see. What I DON'T believe it's doing is reducing the actual accuracy stat penalty while in the air, at least by itself.
Despite having 100 Airborne Effectiveness already, I decided to consume a grenade for Heat Rises to see if that made a difference. It does. It ABSOLUTELY does. The shots actually felt fine just like being on the ground. Heat Rises' description is pretty vague about some of the things it does anyways, but it is doing something different than Airborne Effectiveness does.
I also wonder if other effects/abilities also have something like that going on with them like Thread of Ascent on the Strand subclass. I've seen some Hunters before with crazy movement after using a Grapple in the air and nailing headshots before without missing a shot. Though I sometimes also just see that anyways without Strand involved and sometimes I find it suspicious.
So summary: I think Airborne Effectiveness only affects bullet deviation and not the actual accuracy stat. Does someone know something I don't?
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I believe being in the air removes your aim assist. You can see this on your redicul when you jump. The portion of the redicul that represents Aim assist will go away. Having high Airborne decreases your bullet deviation, like you said. Meaning the shot should go where you aim it but your not getting the help from aim assist that you usually get. Some weapons and archetypes seem to land crits in the air better then others. Side arms for example. IDK anything about heat rises so you are on your own there.