I know I was reading somewhere on the Aces High website that said something like "if you get to more than 2 notches of flaps, your probably in over your head." I really strongly disagree (at least in terms of in-game... I'm not going to talk about real life with a man who's actually flown a Pony...

), sure there are times where you REALLY don't want to get that slow, and putting out that many notches would be an awful idea. The Pony turning ability is really helped quite a bit by flaps, plus you can decelerate at an incredible pace with those combat flaps that come out early. It's funny to watch Spits spaz when they realize your slowing as quickly as them.
In terms of "zero like turn ability," I think what most are talking about is the ability to float about like the Zeke can. A lot of the American aircraft with combat flaps have this ability, I'm sure you've heard of/seen an F4U maneuver at very slow speeds giving them the image that they are floating in air as you fly past. However, if you put a Zeke and a F4U or Pony in a "float fight," the Zeke will win hands down.
You actually gain quite a bit of turning ability off that one notch of flaps, and even more on the notches above 10 degrees (But remember to be constantly adjusting them, you want those puppies up as much as possible so you don't bleed E unnecessarily). A really good demonstration is to get someone to get on another Pony's six, and try to maneuver with it without using flaps at all, it will give you an idea of how much those flaps really help (even though it's not a concrete number), even at just one notch.
(I rambled a bit... But I
think I at least touched on the topic...

lol)