Thanks Bustr, I wouldn't have figured on FOV affecting the tracers/sprites, I'm going to mess around a bit myself now.  I'm going to a 34" single monitor as soon as I can get it shipped, and I'm wondering if that'll make tracers/sprites a bit larger along with everything else at my preferred AH resolution (1080p).
At least I know it isn't just me.  I do agree with AkAk, when I was zoomed in the 50 cal hits were pretty bright, but were also of course small.  I'll have to mess around offline myself now with FOV and various gun types.  I am pretty certain that this will be a common topic of discussion, as it REALLY has affected my shooting.  The first 90 degree bank/deflection shot I was making I thought something was wrong as I couldn't see the usual AH2 tracer and impacts and make corrections off of that.  I think for me right now just going tracers off will eventually be the end result if I can't make them bigger/brighter in various settings somehow, as I can't really pick them up all that well anyway.  That way the only thing I"ll be looking for is the hit sprites/damage.  I did notice that the dust puffs when you hit targets are pretty good now, better than in AH2, I saw quite a few of those today - I was mostly flying the KI43 which has to weak .50s.  I think planes with very weak guns that rely on good accuracy/tracer-tracking are going to do a nose dive in the accuracy stats and department.
This isn't a complaint either, as I said, change is good, and this will make hitting a lot harder I think for a lot of people who shoot a certain way.  IMO those who fly with tracers off are going to notice it a bit too as the usual large and bright hit sprites won't be there to give you the "on target" sight picture now either.  
Thanks again Bustr, that's a lot of work in a couple hours.  I'll play with mine and see what it looks like, as I'm at 106, the old AH2 default, and perhaps I should experiment with other settings as well.  
I'm really liking the time I'm spending in the beta now that there are guys to fight.  The ground game just got a lot more interesting too - HT brought up an idea in the arena the other day as well I think would work swell in terms of making action faster/more certain in that area.