I like it so far. But I'm not all hoopety-doo excited like I was when I came from stagnant AW to the AH open beta in '99.
I've no idea what the damage model is like yet. A screen shot of a wing damaged looks like AH does now so if thats whats to come then I'm not impressed.
Tracers are ok. The corskscrew looks fine. No idea if it's realistic or not but reports of it occuring with GV guns is wrong imo. I have never seen a tracer corkscrew lin real life with a ground mounted .50 And I never saw it occur in the combat films of ground battles. I hope they change that for GV's. And there are some bugs such as seeing the traces through cockpit framing and other obstructions. And the 190 has all guns firing from the nose nothing from the wing. Bugs I'm sure will be fixed.
I DO like the mouse-view!! A very nice, handy feature when cruising and looking for bogies. Not a lot of help in combat I imagine unless you have a thumb ball on your new fangled HOTAS. And supposedly if you have TrackIR it will really take you to another level of immersion!.
No change or evolution with the icons. Like an Oldsmobile, they're still your fathers icons harking back to AW circa 1995
A MAJOR dissappointement there for me.
No idea if the dweeby auto-flaps are still modelled. No twin engined trainer to try out

Torque seems to be back. (no. not that tail sliding, HO dweeb!

) As was said earlier no more "WEP-it and go!" on take off!
I love the scale-ability of grpahics details However, if you scale your details down enough you can remove the canopy rails and framing. Did that in the 190 anyway. Bad idea IMO. Allows people to fly with a P51D-like bubble canopy and that IMO is wrong. Hopefully this is a bug.
Can't open the canopy to let the morning "breakfast ghost" out.

Overall the graphics are much better. Especially the terrain. The feeling of speed is better and it looks more realistic in comparison to AW, WB's and the current AH. Better. Not dramatically better though. I was hoping for something at least as good as WWIIO terrain is when down low. (WWIIO terrain up high, 3K or so, is bland, repetitious and sucks)
However I say this knowing that this is early beta and that it I expect it to improve and most of the bugs will be fixed. Heck I've experience far fewer bugs than a lot of other testers have already.