I'va had a half day at this and it is better than a curate's egg. In fact, in some parts it is very good. The first impressions are as follows and I agree with Drawde that this sim could become another EAW.
My system is Athlon 1800;512 Ram Radeon 9800 Pro Omega drivers for Win98SE.
I use a Cougar and trackIR. And a projector!

This sim can be a real arcade yukkie , but it can also be loaded to hard settings and then it isn't easy; but nor does it go into the realms of "realistic" (meaning impossibly hard to fly ).
1. As Drawde said, the FMs (I've only flown a Eindecker and a British pusher, so far ) are not detailed - no torque etc. In a dogfight, the throttle of the AI and yourself can be "matched" (sheesh!), but importantly this can be set off and so you can overshoot the AI etc - and the AI is a good fighter- scissors for instance.
The reason I have flown the two basic planes is that you don't get access to all the planes at first, they become available as you progress in the Campaign. They then also become available in the Instant Action mode.
This means,FlyXwire (S!), that so far I've not seen all the cockpits; what i have seen suggest the cockpits are basic, instruments work but they are not as well portrayed as RB. There is a funny HUD, but you'll want to "lose" that using the settings.
So, if the flying parameters were the same as Red Baron it would be hopeless in comparison;- but it has some lovely goodies, which make it fun for me, over Red Baron.
The terrain - Is very, very good. In parts it is brilliant.The buildings and railway stations and railway lines are excellent - Flying low level along them is a buzz. Low level is great.
The only fault of the terrain is, like EAW, they have attempted 3d forests/hills and it doesn't come off. (Job for a modder, as in EAW )The individual trees are first class, as is the rest of the terrain.
It is a pleasure to dogfight over terrain like this. In fact, as I was concentrating on one encounter I thought "what is this coming at me"-then a realistic flock of birds passed me . A really lovely touch.
By this time i was using trackir -ordinary mouse view as opposed to absolute - but nonetheless very good and keeping centre better than the original IL2. With trackir, the immersion is really there.
The guns are too accurate, but sound Ok and are not immediately lethal. As far as I can make out their accuracy cannot be adjusted.
There are rockets! IMHO, bloody ridiculous in a WW 1 sim ( Someone is going to tell me there really were rockets fitted to planes )and they are lethal. Spoils the dogfight when used. I don't know if /and how they are turned off from being used by the AI.
Padlock - There is a toggle type enemy finder, ie there is an arrow pointing in the enemy's direction which, when it comes in view, has a discreet box around it.This can be turned off. When it is, the ability to find the enemy is as "realistic" as any sim. Better than IL2 in this regard.
There is no padlock where the target is Centre screen or "held" as you "jink" to fight it. You keep it in view by using the POV Hat, or mouse ( or Trackir )

I run at 1360 x 1020 x 32; 2AA and it is smooth, even with several AI enemy - They build up , ala Red Baron style. The planes externally look excellent, better than any other WW1 sim!

I anticipate excellent ground attack missions, and I think - in fact, I'm sure, I will play this more than Red Baron.

I venture to suggest what this Sim needs to become a classic.
1. A forum here on Sim HQ,
2. An ability to be modded like EAW/ Red Baron etc. Do you think that possible Drawde?
3. A mission builder of some sort.
It is better than the originals of either of EAW or Red Baron, IMHO.

It cost me less than £20. Worth every penny. I really hope this progresses.
There was a thread recently discussing what may attract and hold new simmers. Tom Cofield made some wise telling comments in it. This sim could do that IMHO.
Give it a go - It deserves your support