I've always thought that the point of having icons was to simulate the basic skills I pilot would have (which people have already mentioned), namely,
i) Excellent eyesight
ii) Knowledge of aircraft types
Obviously there is a case for reducing the distance at which the icon appears (which has been done in this version, I think).
When it comes to the game itself, its always going to be limited by the fact that it is a computer program, an approximation to reality and therefore is not able reflect the chaotic, poly-variable nature of real life generally, nevermind flight. So the pilots who become masters at this game can only put a proportion of their success down to knowledge and application of ACM, that could be transferred to real life - the rest is learning the ins and outs of the 'game'.
I think people should see AH for what it is and not try to make too many comparisons with real life (it's just too complicated).
Having said that, it's a damned excellent game and I love every minute of it.

Even getting shot down, which happens alot.