That was really good! Loved the music, good action especially near the end.
I think you could have made it better in two main ways: Quicker transition from intro to main sequence at the start... nothing is more boring, especially to a non-enthusiast of AH, than an airplane slowly taxiing out of the hanger, then slowly showing an incomprehensible not-very-realistic-looking instrument panel, then more slow taxiing down the runway. What you did would be ok for a 20-minute film, but not a 5-minute. For example, at 0:15, start with the plane out of hanger footage. 0:19 - Runway, skip instrument panel/cockpit view, 0:24ish - "Codename Dolby" takeoff clip, skip landing gear retracting, alter times up to a second here or there to fit with music. The "Chapter 1" title is on the screen for 14 seconds. I'd do more like 5-8. You don't want to wait for a nice time to start
Ironside, its more dramatic if it butts in unexpectedly. And the flyby during
Ironside would have been way better not obstructed by trees

.
Secondly, there needed to be a few more transitions between aircraft at the beginning, I would have loved to have some confusion about what was happening, similar to the confusion when one is unexpectedly jumped in the main arenas... quick cuts from one aircraft to the other could have done that. I would have transitioned from aircraft to aircraft more often, for example 2:24 is just asking for an extra clip instead of just the one.
Right after that starting around 2:30ish, I thought you really did a good job transitioning between shots. And after about 3:30, you did a great job of it, so much that it makes me want to link this on my Facebook to show my friends what they're missing by not flying Aces High. 4:11 was downright inspired and I'm going to steal that shot some day

. I do wish you showed the crash into the ground a lot longer for dramatic impact (pun intended).
Finally, the video capture quality was "mushy", or at least mushier than I feel you could get capturing uncompressed full-screen with Fraps. That's minor and maybe unavoidable though.
I really really like this video, and the only reason I bother breaking it down like this is because of the obvious time and care you put into making it. Its unlike just about any other videos here, you really did surprise me with it. Well done!