From my experience, C205 is an awesome plane. The only lacking quality is its 4 Minutes of WEP. If you only use it when going verticle or to extend away, it normally isn't all that big of a disadvantage.
It turns great, as long as you turn it in the verticle with a roll, think 109. Also, trim your elevator up and it will dance and improve roll rate much like a 109.
It's cannons don't hit well, and I wouldn't suggest using them beyond 200-300yards.
I've gotten more kills in the thing with well placed .50cal than with the cannons.
Also remember, from the deck to about 4000 feet, this thing can outclimb most anything in the game. If you have to get low and slow, you can often get your advantage back quicker than your opponent if you can extend.
C205 was my first plane in here, and I still up it every once in a while. I think it's completely underrated, and I'm always hesitant of going up against one when I see it. Normally, the pilot knows what they're doing.