The chevron, which position is it pointing (does that make sense?)? Is the middle diver in the forward position or in the rear position? How far apart (front to back) is the formation?
Around here we sometimes dive this way. The middle person is the lead/tip/front of the arrow. The rear two can see each other through the middle person's feet.
Only works if you can stay together easy (decent vis) otherwise the lead has to look peripherally on both side to see the rear lights. Navigation at a known site wouldn't be a big deal but if you are at an unknown site could suffer.
Sometimes when we dive in a really bad vis site (3ft in Lake WA) we have to fan out a bit to search for the wreck. So we end up 3 abreast or slight chevron with the line in the middle. But both edge people still need to be able to see each others lights. The middle is too big of a weak link otherwise. E.g. if the middle's primary light died it would be bad if the sides couldn't get back into a team huddle.