This report addresses the Live, Virtual and Constructive (LVC) air combat training concept. Two studies focusing on LVC as a training concept and its training value were conducted in connection with the Arctic Challenge Exercise 2021 (ACE 21). In the first study, pilots filled in a questionnaire focusing on perceived training value relative to learning goals for completed flight sessions and questions about LVC as a training concept. In the second study, pilots reflected on the responses received from the questionnaire. Results show that estimates of perceived training value vary between the different learning objectives and between different mission types with respect to the mission just flown. The training value of learning objectives co-varies around different stages of mission planning and stages of engagement. Pilots identified both strengths and weaknesses of including V- and C-entities in air combat exercises, and they do not believe that C-entities can replace Blue Air pilots in Live aircraft. The pilots are positive towards introducing V- and C-entities to enable large scenarios, especially if acting as Red Air. Finally, rating perceived training value relative to defined learning objectives constitutes an interpretable instrument for studying training value in large force air combat exercises.