I'm not really sure as I've not looked. I know there is the ability to fly other aircraft but from what I understand, it's still and F-16 in a different skin. 4.33 should change that.
If you're an old F4 simmer, the best thing you can do for yourself is sign up and give it a try.
The biggest, bestest feature for me is the fully functioning, fully clickable 3D pit. In F4AF, I had to switch from 3D pit to look around (dogfight, SA, fly formation, etc.) but then go to the 2D pit to check out gauges, MFDs, or to flip switches. Having to activate that button on my
HOTAS was such an immersion killer. With BMS, I'm just in the 3D pit, and that's it. Coupled with my Helios profile, touchscreen, and voice-activated program, once I'm in the pit, I never have to touch my keyboard or mouse. Adds so much more to the immersion.
Graphics isn't on-par with DCS obviously, but for what BMS/Falcon does everywhere else, DCS doesn't hold a candle to it.