Let me say three things up front:
1. I hope this will generate an exchange of constructive opinions without flaming or rants - and most importantly a response from HTC.
2. I openly admit that a fundamental point of reference is IL2 Forgotten Battles (FB) where things differ from AH2 with much more 'believable' feel and effects. I would be interested to hear from others who fly FB.
3. I will try to avoid the 'R'(ealistic) word

I hope any regular RL warbirds pilots will not (if we have any). My own reference as far as 'feel' and 'believable' is concerned is limited to prop trainers (chipmunk), gliders and trips in light to medium prop aircraft (4 to 20 seaters). I don't think the ride in the old Canberra (PhotRecon at 100 feet) and many commercial jets count in this discussion.
Flight Models:
When AH2 was first in beta the FMs were touchy to say the least. They were quickly changed and moved on to something more believable (and much more believable than AH1). I can't quantify this, it was a matter of 'feel', expectation and, more recently, comparison with FB. However, they very soon appeared to change and began to feel little different from AH1 apart from touchdown and ground handling. I know others who have that opinion. Anyone who flew Air Warrior will know that it was like running on rails compared with AH. Now AH seems to be running on, well, flexible rails compared with other simulations. With the coming version 2.02, or later, is there to be any change to FMs?
Damage models:
One of the greatest disappointments for me is the DM. Better visual effects (spars and struts) would be nice, however the most frustrating thing for me in AH2 at the moment is the 'one ping - no wing' syndrome. OK, maybe two pings but the airframes, especially the wings and tail, appear to have no strength or resilience to a few hits. Also, total wing loss seems almost the norm with rare half wing failures (always neatly sliced off with a modelling knife). An example: last week I plastered the mid to outer tip of a P40 with 2 x 7.62 on the A6M2. I couldn't get near the wingroot due to the turn. How come the entire wing fell off at the wing root? Tail feathers are the same. A couple of hits and the whole lot disappear - it's rare to lose one elevator etc. This is the one area of AH2 modelling that seems to me to be far too arcady. Is there any work being done to improve the DM?
regards