High altitude performance depends primarily on the interaction of two parameters: Stall speed and specific excess power (sep).
Service ceiling is where the minimum speed required to generate 1 g of lift (stall speed) curve meets the maximum level speed curve with an sep of 100 ft/minute to spare.
Even with its lower stall speed, if the B-17 is near its service ceiling, any extra drag induced by increasing its g-loading to maneuver will cause it to either lose altitude or stall. A fighter that still has another 5 to 10,000 feet before it reaches its ceiling will be able to hold altitude and turn, or turn tighter while losing altitude. I would never expect an aircraft within 10% of its service ceiling to outperform in any way an aircraft that is only at 75% to 80% of its service ceiling. Any advantages due to wingloading, aspect ratio, and power are already reflected in the ceiling, so I would expect a slower B-17 at 30,000 feet or higher to turn in very wide circles compared to faster fighters with ceilings of 40,000 feet. I think history may even provide photos of contrails illustrating this fact. Anybody care to search for pics of B-17s trying to turn around while being intercepted at high altitude?
With regard to loops:
In general large aircraft do not have sufficient power-to-weight ratios to complete a loop before stalling since they cannot withstand the g-forces required to get over the top of the loop before they run out of speed. 1 g of deceleration (or a significant fraction thereof) slows down an airplane very quickly. Without excess power to compensate, the aircraft will stall well before it reaches 90 degrees.
Favorite quote: "The F-4 Phantom is God's proof that even a brick will fly if you give it a high enough thrust-to-weight ratio."
As for rolling a large aircraft, do some research on "Tex" Johnson and how he rolled the prototype Boeing 707 during a low pass in front of a large crowd on its public debut. He maintained 1 g throughout the maneuver. He also got fired for risking the company's future: if the plane had crashed they would never have sold so many. He got rehired when Boeing saw the orders come in: his little stunt impressed the hell out of the airline bean counters that decide whether a plane is a safe investment. Understand this: Tex was one of the best test pilots of all time and was at the limit of the aircraft's capabilitiy. I don't think the average airline (or bomber) pilot could safely achieve this. I do know there are some awesome B-52 pilots and the B-1 almost handles like a fighter.
Ask some WWII vets how they think a B-17 would handle a 360 deg roll or a loop. I know the waist gunners would not be happy. I have never read of a B-17 or B-24 being intentionally rolled inverted. Does anyone have a reference quoting a pilot saying that he successfully barrel rolled or looped a 4-engine bomber from WWII? When I was in elementary school, I read a book that claimed the Lancaster had sufficient power to complete a loop with a full bombload. While I doubt the accuracy of the claim, I do believe the Lancaster has the power to loop without a bombload (note: "believe" indicates an opinion since I am too lazy to calculate it on paper).
With respect to Aces High, the rudder turns possible with a B-17 just don't make sense. As large as the vertical stabilizer and rudder are, they are only a fraction of the size of the wing. Therefore they should not generate enough force to actually change the velocity vector of the plane as well as the wing can. With the long distance from the center of gravity, they are able to drastically change the angle of the nose with respect to the direction of flight, but maintaining even a moderate slip angle causes tremendous losses in speed and lift. Even if the rudder was able to match the force of the wings (since it does not have to use any of its "lift" to fight gravity), it causes an assymetrical force in the roll axis. The plane would tend to roll hard in the opposite direction of the turn and the ailerons would not be able to generate enough force to compensate.
I have not recently done any math to support the above claims, but I have enough experience doing calculus level aerodynamic equations to make my guesses more accurate than most people's calculations. If any of you have the time and energy, feel free to prove me wrong and flame me. Personally, I don't have the time to do the math to prove myself right and without a concrete example or numbers to back them up, I have no reason to think someone elses opinion is more right than mine

[ 09-22-2001: Message edited by: streakeagle ]