Think having to use a joystick is not really a limitation unless you combine it with no rudder pedals or no throttle quadrant. I would not say situational awareness was a issue with TrackIR think other option was called FaceTrackIR?? Feel of the plane/environment gravity I will say this was the biggest issue out the one you mentioned. I do not see big hydrolytic simpit complete with fans and sprinkler systems to mimic weather and movement in my near future but I would surely post pictures if I acquire one
You must get rudder pedals its a whole different game!
Anyway I only ever fly on Realistic, Combat Flight Sim 1 100% till today. I would not worry about the other settings but ArisFuser really did sum them up.