This report is based on studies performed during the Arctic Challenge Exercise 2023. It focuses on the Live, Virtual and Constructive (LVC) training concept and its associated training value. The underlying questionnaire focused on training value in relation to learning objectives for completed missions, aspects of complexity, and how these factors contribute to training value. Moreover, how V- and C-aircraft operating as adversaries might contribute to training value. In addition, a workshop with international participants focused on trade-offs associated with LVC training from a training value perspective. Our findings showed that perceived training value varies between learning objectives and mission types. Aspects of complexity were ranked: diversity of participating entities, dependencies between tasks and time dependencies, participating aircraft number, mission uncertainty, event unpredictability, decision-making pace, number of roles, and rules of engagement restrictiveness. Advantages of V- and C-enemy aircraft were realistic enemy performance, kill removal, and enemy regeneration. The workshop discussions illuminated strengths and weaknesses of including V- and C-aircraft in air combat exercises. Confidence in C-entities and substituting live pilots and actual aircraft is lacking. Thus, achieving full benefits of LVC requires careful integration of technical solutions among aircraft systems, learning objectives, scenario design, and mission planning.