For something like Aces High, lookup tables are great! Users are not creating their own planes, so it's logical to do all the calculations on the back end.
It's apples & oranges, the real time calculating is cool in X-Plane because you can accurately model the flight characteristics of almost every plane built just by entering the numbers (air foils, wing sizes, chords, pitches, drag coefficients, etc). There's no 'tweaking' required.