A serious flight simulator for a console cannot succeed. This is due to the extremely limited number of buttons on the controllers that the overwhelmingly vast majority of console owners use exclusively. That limited number contrasts far too greatly with the vast number of input functions required for a serious flight simulator.
A WWI flight simulator? Most WWI simulators run to throttle, ailerons, elevators, rudders, bomb toggle and machine gun trigger. Easy for a console to manage. Perhaps KOTS will have something a bit more sophisticated in terms of engine management.
The major challenge would be view technology - no TrackIR.