For a first time film it was O.K. The main part I enjoyed about your film is that it had decent quality, nice job.
Here's some areas to improve:
Film Length: Your film was over 7:00 minutes long. If you're going to traverse past the 5:00 minute mark, the film better be darn good! (Check out these two for some clues: 1.
http://www.youtube.com/watch?v=FUJnwnTXoGg 2.
http://aceshighmovies.com/downloads/ahmovies/TheDoolittleRaiders.zip )
Camera: At the beginning of your film you were using a camera angle (I believe F4 view) that was too jerky. It would be best to navigate away from the jerkiness in the film. In such a case, try camera shots as opposed to F4. You might still be able to achieve the same effect as before. You also want to make sure to give the viewer different views of the action. For instance, switch between the attacker and defender's point of views (not rapidly, occasionally), use camera angles to give a ground perspective (be careful here, sometimes the view is zoomed out too far for the viewer to identify what's happening), and remember to keep that camera moving (in pace with your music choice). It also works in your favor if you pick music which matches your film, then attempting to synchronize your footage to your music choice.
Icons: Turning them off makes for an enhanced environment. However in turning them off, you will need to start experimenting with the zoom features as users will find it more difficult to spot the opponent(s).
Sound: This is more optional, yet worth a visit. Adding sound effects from game sound files can immerse the viewer in your work. Adding some engine sounds, gun sounds, and even the sound emitted by a plane tearing apart will all get the viewer more excited about your work.
Film choice: It seemed you were attempting to promote a squadron. Either the squadron doesn't have very good pilots, or you don't like the squadron you're promoting. The film you chose for this movie showed inexperienced pilots when it should have shown a team out to conquer the skies. The next project you take up, make sure to pick film which shows the better side of your message.
I didn't really care for the movie as it wasn't anything special. In my opinion it was a movie of what a squadron does and how they do it. However, I trust the next project you undertake will definitely get my attention, as you have the tools to do the job.
Don't let this discourage you, and definitely do come back. I felt you deserved an honest opinion on your work and along with it some tips on making your future works better.