That is the new standard, however there are still certain "resolution" issues with the damage.
Example: Flaps are "shot off" visually but "jammed" effectively.
Example: Rudder is "shot off" visually and "ripped off" effectively.
Example: Bullet holes represent how many hits a wing has taken, and bigger holes indicate more hits in one smaller area, BUT there are only (let's say) 4 areas per wing, and once that area is gone it takes the wing with it. I'd honestly love a more detailed flight physics that says you can blow a hole in the wing, an actual hole, lose the lift it would produce but still fly (situation depending). As long as it's not like the nonsense modelling that the UbiSoft franchise created.
I just don't think that would work. It would take a lot of processing, a lot of sharing that information and various states of various parts, and a lot more traffic back and forth to represent what you were seeing on other planes.
In the short-run, the system we have is looking pretty good. In the long run I hope it gets some improvements.