Streak: Pretty is pretty and performance is performance. I'd lose eye candy over a smooth FPS anytime.
I could use FSAA with my geforce3 but I choose not to. There might be a time when my framerates would chop simply because of eye candy, losing a fight because of that is not worth it.
Offline sims I have no problem to play even with choppy framerates, those you can pause, change settings and continue

Edit: I take my words back about the graphics, they really do look that good in the correct light and external view.
The view from the cockpit portrays the skin as very low res blocky bitmaps, at distance it looks much better - especially with a light source reflecting from it.
Too bad the game is still ruined by the poor view implementation and rubber-band FM. It's pretty.