Alright, I took this post pretty seriously and really paid attention in my moves tonight for my PBEM.
I'm on a Mac running V1.05.
The manual DOES state that if YOU are hull down, it will display "hull down" underneath your tank. If your TARGET is hull down, it will display hull down under the TARGET.
Well, just now I had a flanking shot, from higher elevation, on an IMMOBILE Panzer from about 300 yards with a Jackson Tank Destroyer. Yes, he has 90 degrees to me, just sitting duck. As I said, I had elevation, had "hull down" beneath my tank, but so did he.
Now this can't be right. My line of fire was perpendicular to his, there is no way he could have been considered hull down in any circumstances. This did not prevent me from knocking him the f*** out with a single shot (it said kill:excellent) so I'm not complaining. However, it was a "side upper hull penetration." I don't know if that's where my gunner was aiming, or if he just missed the lower hull, but that's the way it worked out.
Bottom line: it seems the hull down calculations may need some tweaking, I don't think there's ever a time the attacking tank can have hull down on a non-hull down armored unit.