Can't believe you guys didn't mention Howard Hughs' 1930 production of Hells' Angels . If you haven't seen this movie, by all means try to find a copy of it, or wait 'til it comes on TV and record it on your VCR, DVD, etc...
Plenty of WWI air combat action, including Zepplins and a German bomber. The camera pans the bombs all the way to the target, and looks pretty real for a movie made in 1930.
But the best thing about Hell's Angels is the plot, centered around a theme of loyalty and the sacrifice two brothers make during the war effort.
It explores the subject of overcoming cowardice and fear. One of the brothers was a coward, and started a duel the other brother finished for him. He took a bullet, but wasn't killed. Years later, these brothers join the air corps, and the duel comes back to haunt them in the form of a German general...who one of the brothers had the duel with.
The brothers fly a captured German bomber into German territory and bomb an ammo dump, then are jumped by a large squadron of patrolling German fighters on their way out. They are saved by a British squadron, and a large dogfight ensues with what seems like 50 planes.
The brothers crash land their bomber and are captured. The ending is very ironic.
Les