I use FSAA maxxed and Antistropic maxxed. FSAA reduces jagged edges (look at the cockpit frame edges). I too run at 1600x1280 and I notice the FSAA does look better. All edges in AH look smooth as silk. The antistropic reduces shimmer that you see in the distance and makes distant textures sharper. This could, in theory, allow you to see an airfield from further away, but I haven't checked that.
I haven't used fog emulation.