I've been playing on and off since 2002... A lot's changed since those days, and I'll have to say that it's changed for the better.
Though we never have 750 people in any single arena anymore, the fights are better, the flight modeling is better, the graphics are better, and the sounds are much improved (courtesy of several dedicated AHII players).
It's been a good run, and I hope it'll continue to run for a very long time.