On a rig with 2x Ge8800 GTX in SLI, any game looks nice (as with the original link).
I was taking some screenshots once of some of my skins, so I went into my vid card settings. Maxed FSAA, quality set to max, enabled EVERYTHING the card could do... Pretty much if it sounded nice, I turned it up.
Went into the game and upped the plane I needed to get screenshots of, and wow! I was surprised. The only way of describing it was "Everything Just Looked Better"! I actually thought to myself "This isn't the AH I know..."
Noticably better looking terrain, everything.
Only problem is the FPS in the gutter. It let me get my screenshots, but I couldn't fly like that.
So if you want AH to look better invest the money in a killer rig and just enable the frak out of your video settings. The guy in the above video had 2 of the most POWERFUL video cards in the world today, working in SLI. Pshaw! Of COURSE he's going to make it look nice.
Anyways, while I agree that AH could use some primping and preening in the graphics department, I hope they don't take anything from any of UbiSoft's IL2 incarnations as inspiration. I hope they come up with their own, because for the most part this game has a lot better production values than "some others".