I've flown it since Beta 3.
Graphics: Not bad but you need a horse of a machine for full effect. Otherwise plan on turning stuff down. It should run better than it looks IMHO but graphically it isn't terrible. It isn't as detailed aircraft wise as IL2 but they look close enough to the real thing and unless you have this desire to fly a 109 with the exact correct looking radiator then it should fit the bill.
Cockpit graphics are fair, some look good, others look ugly. Terrain graphics are the same way, some items, like ground vehicles look quite good but some of the terrain objects, like some buildings, look no better than they did in CFS1. Clouds look marvelous, water looks awful.
Flight models need some updating. Planes don't all fly the same, but the flight models are way too easy and you will get some bad habits going in this game. I am waiting for the flight model fixes from the 1% team before I play this game any more. It screws me up in AH, and IL2. The basics are there, they just need to be fixed.
Online is not bad, can do both coop and dogfight missions but you are limited by your connect. Unless you have an AH type server don't plan on having more than 8 people playing at one time. For the most part I haven't heard too many complaints.
Offline the game shines. The campaign is among the best made for a flight sim, probably only behind Battle of Britain in its complexity and flexibility. It is fully dynamic and you effect the outcome of the war, both in your flying ability and your wargaming selection of where and when to attack.
Overall, I would say get it but wait for the patch first. It tends to grow on people, particularly when they get into the campaign but it needs patched, badly.