IMO, it's better to concentrate on the campaign, bug hunting, multiplayer, physics, optimization, avionics, user interface etc. as the graphics aren't that bad. Additional graphics improvements can always be released in addons or patches later on, provided that your engine supports higher definition models and textures.
Yup, this is exactly what we're doing now. All game development books tell that is better to have a very fun game playable with boxes and other abstract test stuff, than to have perfect spot-on models layed over a totally unplayable, buggy foundation. Graphics can be easily changed later. Our models are all 2005-2006ish now, but as History Channel tought they were good enough for a full lenght documentary(as aired this last week), we left them. But seeing Lock On: Black Shark and Rise of Flight, I agree that for a final release as an AAA title we must re-model them all in a higher polygon and texture detail.
One of the things that I personally think is very strange, is the green flight deck of the Argentinean carrier. Our argentinean experts are telling that it is like that, but I still can't get used to that color, because we're so used to grey carrier decks in the jet era. I remember reading some Oleg update or comment, in IL2 Forgotten Battles time, that they received the model of some new russian plane to be added to the game but they had to tone down the cockpit interior colors, because in russian fashion they were painted in full bright blue or lush green - in the final game after toning down the colors it ended looking more towards typical grey with a small tendency towards blue or green...
The shaders were just added, they're overdone indeed, specially the water specular. All to be tweaked and toned down. We're looking more for HDR type lighting and with this, any temporary bloom will be out (bloom is so 2005 isn't?
