The lack of content, planes if more precisely, is only serious drawback.
I'm not too worried about that since it will take a me a good while to become proficient with the planes that are currently in the game and I'm sure we'll have expansions later on for other theatres like the Pacific, North Africa, Eastern Front, etc.
PM, once you are in the air and flying you will immediately feel at home because of your experience in IL-2 1946. There are differences of course, but I predict that proficiency in handling and gunnery will come a little easier to you than you might expect. As for advanced engine management, I couldn't say because like in IL-2 1946 I don't bother with it.
Oh, as far as I can tell, you have to open the canopy before trying to bail.